XRP has been in the news recently due to Ripple’s legal battle with the Securities and Exchange Commission (SEC). The market movement has increased due to the increased attention, and whales are taking advantage of it.
Whales Move Into XRP
XRP’s trading volume saw a spike on Tuesday following the upward rally in the crypto market. This saw an increase in the price of digital assets.
According to the whale tracking website WhaleStats, XRP became the most traded token among the top 100 BSC whales for the day. In order to achieve this feat, it dethroned AAVE, which had previously dominated the attention of these large whales.
Now, the increased interest from these whales has not subsided because, while XRP is not the most traded token at the moment, it is still a top ten token for them. It ranks fourth among the most purchased tokens by the largest BSC whales.
This price increase has now pushed XRP above its 20-day moving average. At least for the week, the breakpoints to a short-term bull trend for the digital asset. The most important thing now is for the digital asset to break through the $0.037 resistance level, which will propel it above its 50-day moving average of € 0.379.
Once this is achieved, the cryptocurrency will be locked in for a rally above € 0.4. As for the final verdict for the case, Ripple CEO Brad Garlinghouse and lawyer Stuart Alderoty both expect a decision from Judge Analisa Torres sometime in the second quarter of 2023.