Market information platform Santiment recently revealed how XRP whales appear to be going all-in on XRP after important purchases of the crypto token. Notably, these purchases would be the most since Ripple’s partial victory over the Securities and Exchange Commission (SEC).
XRP records 217 whale transactions
Santiment listed in an X (formerly Twitter) after the XRP Ledger processed 217 “$1 million whale transactions” on the network as of January 31. This is the most transactions of this size recorded in a single day since Judge Analisa Torres ruled that XRP was not a security in itself last July.
As Santiment noted, such an event has the potential to positively impact the price of XRP. XRP had risen to as high as $1 thanks to Judge Torres’ ruling, as it strengthened the conviction of the altcoin’s holders, who then decided to double down on their investments. If such a similar scenario happens again, it is expected that XRP will experience price increases soon enough.
The market intelligence platform also added that some key signals indicated that XRP was “one of the better candidates for a recovery, assuming Bitcoin can stabilize for the rest of the week.” The altcoin was under the crucial support level at $0.5 after Bitcoin’s recent decline. However, it is back above that level as the market shows signs of recovery.
Meanwhile, despite XRP’s relatively stagnant price actionthese whales don’t seem to worry. Santiment revealed that wallets holding at least 10 million XRP tokens together hold 67.2% of the available supply, the most since December 31, 2022.
Token price at $0.5 | Source: XRPUSDT on Tradingview.com
Binance freezes tokens worth $4.2 million
Binance CEO Richard Teng stated in an X post that the crypto exchange had managed to freeze $4.2 million worth of XRP, which was part of the proceeds from the recent XRP exploit. NewsBTC had reported how there was a breach of the personal XRP accounts of Ripple co-founder Chris Larsenleading to the theft of over 213 million tokens.
Teng also said that the Binance team will help in any way possible to retrieve the remaining funds. He added that they were keeping a close eye on the majority of the funds in the operator’s external wallets, in case they tried to deposit these tokens into Binance.
The exploiter is indicated to have laundered some of these funds through crypto exchanges such as MEXC, Gate, Kraken, OKX and HitBTC.
Featured image from Analytics Insight, chart from Tradingview.com
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