XRP Whales Move 70 million Coins Amid $0.51 Resistance Level

XRP, the native cryptocurrency of the Ripple network, has been showing resilience in the face of market volatility. Despite the recent legal troubles of Ripple and the delisting of XRP from some major exchanges, the coin has managed to hold above the $0.51 support level for the past week.

According to data from CoinMarketCap, XRP is trading at $0.53 at the time of writing, up 2.5% in the last 24 hours. The coin has a market capitalization of $24.3 billion, making it the seventh-largest cryptocurrency by that metric.

One of the factors that may be contributing to XRP’s stability is the increased activity of large holders, also known as whales. According to data from Whale Alert, a service that tracks large cryptocurrency transactions, whales have moved more than 70 million XRP in the past 24 hours.

Some transactions were between unknown wallets, while others involved exchanges such as Binance, Bitstamp and Kraken. The largest single transaction was a transfer of 20 million XRP from an unknown wallet to Binance, worth about $10.6 million.

While it is unclear what the motives behind these whale movements are, they may indicate that some investors are still bullish on XRP and see it as a long-term investment. Alternatively, they may be preparing to sell their holdings if the price drops below a certain level.

Whatever the case, XRP holders should keep an eye on the market developments and the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC). The outcome of this legal battle could significantly impact the future of XRP and its adoption by institutions and individuals.

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