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The digital assets space witnessed a bloodbath on Monday as Bitcoin’s slump toward $50K plunged the global crypto market capitalization to $1.83 trillion – a 15% dip.
While fear sentiments dominated the market, Ripple whales grabbed attention with enormous token moves.
While XRP lost nearly 20% of its value over the previous day, a large-scale investor capitalized on the dip, scooping tokens worth over $44.12.62 million (94,948,336 coins) from Binance.
Ripple whale movements
Whale Alert revealed a series of Whale transfers involving the remittance coin XRP within the last day.
One transaction saw an investor moving 24,009,969 XRP assets (worth $11,359,095) from Binance to an unidentified wallet.
Another transfer involved 23,680,816 tokens, worth approximately $11,203,373, from the same exchange to an unknown address.
Whale Alert added that whale sent XRP worth $11,203,373 (23,680,816 tokens) to an unidentified wallet from Binance.
The latest transfer involved 23,415,551 tokens (valued at $10,495,379) transferred from the same exchange to an anonymous wallet.
The immense transfer of over $33.62 million in XRP from the exchange stirred the buzz, considering the prevailing XRP downbeat mood.
Accumulation amid declined prices underscores confidence in the asset’s potential recoveries.
Bears dominate XRP
The remittance token displayed significant bearishness today as fear engulfed the broad market.
XRP changes hands at $0.4555 following a 19.28% dip over the past 24 hours.
The massive slide came as liquidations deteriorated the entire financial landscape.
Fears of a new lawsuit from the US Securities and Exchange Commission added to XRP’s dire state.
Legal experts believe stablecoin RLUSD, set to launch by 2024-end, might attract legal challenges.
Pro-Ripple lawyer Fred Rispoli stated that issues associated with RLUSD could demand a separate suit.
Concerns about further regulatory scrutiny ruined sentiment around XRP, extending the downside.
Ripple’s new compliance-first approach
However, the blockchain firm appears to have learned from the SEC’s ‘manipulative’ strategies. First and foremost, Ripple introduced a compliant website ahead of the RLUSD launch.
Besides the stablecoin website, the firm plans to adopt the compliance-first approach in any upcoming product.
Ripple’s stablecoins are an addition or alternative to the native XRP, aligning with the company’s primary objective of reducing financial friction among businesses and customers.
Recent news of JPMorgan Chase accepting XRP for mortgage and credit card transactions cemented the token’s position in the financial space.
XRP’s current price movement
XRP joined Monday’s broad market slump, painting its daily chart red after a 20% slide.
XRP 1D Chart on CoinmarketcapIts daily trading volume jumped 220% to $3.32 billion, indicating increased activity, possibly from sellers.
Despite the gloomy outlook, market movers seem confident about XRP’s future.
The millions of token accumulation from Binance reflect trust in the token’s recovery (despite the prevailing laidback performance).
Also, Ripple’s move to adhere to regulations, which have hindered its growth over the past years, further bolsters investor confidence.
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