Ripple whales react this way as price spikes to record-high
- One whale deposited over 5 million XRP on an exchange as the price spiked.
- Whale transactions saw a record-high spike on 13 and 14 July.
The summary judgment in the Ripple vs. SEC case ignited a whirlwind of excitement. The XRP token skyrocketed by more than 70% in value, accompanied by a remarkable surge in trading volume. Amidst this exhilarating chaos, recent data revealed intriguing variations in the reactions of various XRP whales. Significant whale transactions captured attention, adding an extra layer of intrigue to the mix.
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Ripple whales on the Binance chain
The recent ruling in the ongoing case profoundly impacted Ripple’s XRP, causing a remarkable surge in trading volume and price. As per a recent post by Lookonchain, this price surge prompted some noteworthy movements among whales. The analysis focused on whale activity on the Binance chain and revealed that only one whale took action by transferring a portion of its holdings as the price soared.
The data observed showcased the actions of four particular whales. Among them, one whale acquired 10 million XRP at $0.45 and moved approximately 5.4 million XRP as the price experienced an upward trajectory. Interestingly, the remaining three whales, one with a stash of 25 million XRP and the other two with 1.4 million XRP, each chose to hold onto their positions despite the substantial price spike.
Ripple whale transaction count
Looking closer at Ripple XRP’s whale transaction count since the beginning of the year, it appeared to be relatively stable with occasional surges. However, a significant shift occurred around 13 and 14 July, impacting the over $100,000 and $1 million whale transaction counts.
The over $100,000 whale transaction count experienced a remarkable increase, reaching over 800 transactions on 13 July and surpassing 500 transactions on 14 July. As of this writing, the count had subsided to approximately 91 transactions. To provide context, the highest number of transactions observed before these recent spikes was around 350.
Similarly, the over $1 million whale transaction count exhibited a significant surge, peaking at over 80 transactions on 13 July and surpassing 100 transactions on 14 July. Before these events, the highest count observed was approximately 23 transactions. As of this writing, the total transaction count for this category was 6.
These observations highlight a notable deviation from the previous transaction patterns, indicating a substantial increase in large-scale whale transactions in the over $100,000 and $1 million categories.
Realistic or not, here’s XRP market cap in BTC’s terms
XRP witnesses heightened volatility
The daily price trend of Ripple XRP revealed high volatility, evident from its Bollinger band. Santiment data indicated the current volatility was 0.23%, marking the highest level witnessed in nearly a year. Also, despite experiencing a decline following its spike, XRP continued to trade around the $0.7 price range.
The Relative Strength Index (RSI) also remained above 75, signifying that XRP was still within the overbought territory. These indicators suggested that XRP displayed significant price fluctuations and remained in heightened trading activity.