2024

Bitcoin

Ripple’s native crypto, XRP, is dealing with intense selling pressure despite getting an edge over the US Securities and Exchange Commission (SEC) in the long running legal battle. Data shows that <a href="https://news.todayq.com/whales-arent-scared-of-bitcoin-fall-heres-why/">crypto whales</a> have moved their XRP holding amid Ripple’s Q1 2024 market report. XRP whales go dump 
As per the data shared by WhaleAlert, crypto whales have moved more than 283 million XRP (approx worth $145.7 million) in multiple transactions over the last 24 hours. The biggest transaction recorded by the tracker has been of moving 250 million XRP (approx worth $129 million) from the crypto exchange Coincheck to an unknown wallet. This move suggests that a whale had just bought the dip as Ripple’s crypto price is down by 15% in the last 60 days. 
However, another whale dumped 33 million XRP (approx worth $16.7 million) to the crypto exchange Bitstamp. 
XRP price is down by around 17% on the year to date (YTD) basis, while it has managed to gain over 3% in the last 7 days. It is trading at an average price of $0.513, at the press time. Its 24 hour trading volume is up by 58% to stand at $755.5 million. Ripple’s native crypto is holding a market cap of over $28.3 billion. What’s in the report? 
Ripple published its quarterly XRP Markets report providing transparency and updates on crypto markets. This includes XRP Ledger, XRP-related announcements, and market developments from the previous quarter.&nbsp; 
It mentioned that in Q1 2024 Bitcoin spot ETFs saw net inflows of nearly $12 billion with cumulative trading volumes of $207 Billion. BlackRock’s iShares Bitcoin Trust recorded $13.9B in net inflows, indicating strong institutional interest. 
It added Centralized exchange (CEX) volumes in March surged to $2.93 trillion for spot and $9.1 trillion for derivatives. Decentralized exchange (DEX) weekly volumes doubled from Q4 2023 to $40B. 
However, average daily XRP spot volumes rose by 40% to $865M in Q1 2024, with derivatives open interest increasing to $500M. This high correlation with general market activity points to robust trading across venues. 
On the Ripple Vs SEC lawsuit front, the SEC requested remedies totaling $2 billion from Ripple for its historic Institutional Sales of XRP. Ripple opposed this request, arguing the law doesn’t permit disgorgement where no harm is proven, suggesting a penalty of no more than $10M.The court’s determination on final remedies is awaited, with Ripple confident in a fair outcome.

283M XRP moved amid Ripple’s Q1 report, what are whales doing?

Todayq News

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