In the midst of the recent rally in cryptocurrency prices, all eyes are closely watching the activities of XRP whales, the large-scale holders of the fifth-largest cryptocurrency. Data analytics firm Lookonchain has recently provided valuable insights into the buying and selling behaviors of four prominent XRP whales on the Binance Smart Chain (BSC), suggesting a potential increase in selling activity.
According to the data shared by Lookonchain, these four major XRP whales have exhibited distinct purchasing patterns. The first whale, identified as “0xf522,” accumulated 25 million XRP ($18 million) between April 22 and November 24, 2022, with an average purchase price of $0.43. Surprisingly, this whale has not yet made any selling transactions. On the other hand, “0x513d” acquired 10 million XRP at an average price of $0.45 per token and has already deposited 5.4 million XRP ($4.3 million) on Binance following the recent surge in XRP prices.
The remaining two whales, known as “0x8456” and “0x8bf6,” acquired 1.4 million XRP each, with average buying prices of $0.4 and $0.39, respectively. Currently, there are no indications that either of these large-scale holders has initiated any selling activities. However, considering the recent price volatility and subsequent downturn in XRP’s value, it is plausible that these whales and others may increase their selling activity in the near future.
Despite experiencing an impressive 80% surge following a mixed verdict in the Ripple v. SEC case, which resulted in XRP being relisted on notable exchanges like Coinbase and Bitstamp, the cryptocurrency’s value has encountered a 16% decline, once again dropping below $0.70.
This fluctuation in price, coupled with the lingering legal uncertainties surrounding Ripple’s victory, continues to impact investor sentiment. Depending on the outcome of a potential SEC appeal of the Ripple decision, both XRP whales and smaller investors may adapt their strategies in response to the evolving market conditions.