XRP: Leading Token Traded by Whales During Price Drop, What’s the Reason?
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The digital asset market experienced a marginal increase on Saturday, with the price of leading cryptocurrencies like Bitcoin and Ethereum declining due to increased selling pressure. Meanwhile, BSC whales have been observed moving XRP, Ripple’s native token, amid the recent dip.
XRP Price Down By 17%
Despite being the biggest loser among the top 10 cryptocurrencies in the past 90 days, with a 17% drop, XRP saw a 21% increase in its price over the past 30 days. However, this increase failed to garner attention from traders as other major cryptocurrencies like Cardano and Polygon recorded jumps of 50% and 53%, respectively, in the same period.
BSC whales go for Ripple’s native token
XRP has become the most traded token among BSC whales in the last 24 hours and has landed on the list of the top 10 tokens purchased by the largest BSC whales. According to data, the top 100 BSC whales hold $29.23 million worth of XRP, which represents 2.53% of their total holdings. Although XRP’s 24-hour trading volume declined by 25% to $689 million, it remains a favored token among BSC whales.
The recent price decline and increase in XRP coincide with the ongoing US SEC vs. Ripple lawsuit, which has seen the release of several positive news updates for the token.
