Major Exchanges Move Over $200 Million Worth of XRP

The amount of XRP traded between exchanges is testing new highs. This is in tandem with the growing value of the crypto that hit $1.96 in the last 24-hours. In this period, the volume traded between exchanges hit $211,039,307 which equates to 110 million units of the Ripple’s native token.

Topping the list of the exchange’s trading XRP is Bitfinex, which sent about 20 million of the asset to Kraken. Others are Binance and Upbit.

All this activity comes at a time when Ripple Co-Founder and the guy behind XLM, Jeb McCaleb, accelerated his selloff of XRP tokens. Analysts expect that he will have exhausted his stash by August.

However, if he ups the number of tokens for sale, he could get it done much earlier. Jeb McCaleb’s accelerated sale of the digital coin could also be construed to be a bullish sign. That’s because the crypto is coming close to hitting $2, despite his heavy selling. It is an indicator that the demand is strong, and once he is through with his stash, the price could rise even higher. Jeb holds about 8 billion XRP, but that figure is fast declining.

That aside, the token has benefited immensely from Ripple’s string of victories against the SEC. So far, the case filed by Tetragon has been thrown out, and in the case with the SEC, the judge has been making some favorable rulings. If the current trend continues, and Ripple wins, it would be a huge win for the crypto asset, and one could expect it to test new highs.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts