A Huge Amount of This Altcoin is on the Move! Is Selloff Coming?

Whale-watching platform Whale Alert has spotted several major transactions over the past day. Whales started carrying huge amounts of altcoins.

Whales circling around this altcoin as price rally

Whale Alert has identified 14 transactions with XRP values ​​ranging from 30 million to 200 million. The largest transaction from the Korean exchange Bithumb was 200,000,000 XRP. In the smaller transaction from FTX to Binance, 140,000,000 XRP moved. The whales moved the remaining 636 million XRP between crypto exchanges such as Bitso, Bittrex, Binance and Bitstamp.

Meanwhile, another notable transaction was 50,000,000 XRP transferred to Ripple’s RL18-VN backup wallet. Ripple company often sends XRP outside of this address to its customers, exchanges and financial institutions.

XRP entered the bullish zone after breaking out of the $0.337 level on the chart. XRP is currently trading at $0.3362 after falling 0.25% in 24 hours. Needless to say, this lends credence to an important question: Can XRP sustain its gains?

XRP price analysis, will the 7% weekly rise continue?

Consistently one of the largest cryptocurrencies by market cap, the last two years have not been good for XRP. While the altcoin has seen a few spikes, the same has fallen further following the SEC’s lawsuit against Ripple Labs and its executives. In fact, since the same time, the crypto has failed to break through the $1 barrier. However, the altcoin continues to record some important information to support XRP investors.

First of all, XRP’s market cap dominance has seen a significant increase in just over a month lately. According to Messari’s Insights, XRP’s dominance has increased from 1.2% in August 2022 to 1.7% at the time of writing.

Now, there are many catalysts behind any crypto price action. When it comes to XRP, the biggest is clearly the ongoing SEC and Ripple lawsuit. It is a case in which XRP investors may feel the end of a game as covered by a previous report.

In addition, XRP Ledger has also been in the headlines for a while. As you follow on Kriptokoin.com, developer David Schwartz, Chief Technology Officer (CTO) of Ripple Labs, recently highlighted the advantages of XRP Ledger over its major competitors.

According to the report, the adoption rate of XRPL is on the rise in 2022. Recently, San Francisco-based design agency btrax Inc. announced the launch of its “Web3 Design Lab” service. To do this, the company has formed a partnership with Ripple Labs for a smooth operation.