Ripple whales have come out in full force, with more than $136 million in XRP on the move, however, it has also led to a price increase of more than 4% this week. Indeed, the asset has seen the surge take place over the last seven days according to CoinMarketCap. However, it has not been enough to push the asset beyond the $0.52 mark.
According to the crypto tracking platform Whale Alert, an abundant amount of XRP tokens have been moved across exchanges. There has been some speculation that increased selling pressure could take place as the ongoing legal conflict with the US Securities and Exchange Commission (SEC) enters its next phase.
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Ripple Continues to Fight as More than 243 Million XRP Moves
Heading into this year, a lot of digital asset market participants had high hopes for Ripple. The asset was poised to conclude its years-long battle with the SEC. Moreover, it had immense potential through its importance in the market. Although it has not been able to enjoy overwhelming momentum, recent activity has created an interesting narrative.
Over the last 24 hours, there have been a plethora of whale transactions taking place, with Ripple investors seeing more than $136 million on the move as the price surged more than 4% over the last seven days.
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The largest of those transactions saw more than 100 million XRP tokens for $53 million. Moreover, other transactions where observed by the platform, with the cumulative number of XRP exceeding 253 million tokens. Yet, that movement has not been able to positively impact the price of the token at all.
Over the last 24 hours, its trading volume has been down more than 14%. Moreover, the price is fighting to hold onto the $0.52 mark. Its ongoing SEC battle has entered another phase, with the presiding judge granting the SEC an extension for its response.
There is still hope for XRP, but the next week will prove crucial. Investors await any sign of an upward trajectory to be shown. Since the Bitcoin Halving, XRP has failed to capitalize on that anticipation with positive performances. It will be interesting to see how the asset welcomes May.