On XRP news, with the SEC v. Ripple lawsuit expert discovery wrapping up, several large cryptocurrency transactions saw over 120 million units of XRP were wired across three major cryptocurrency exchange platforms. Subsequently, XRP’s price recovered over 10% while the transactions were happening.
For most of last week, the wider cryptocurrency market declined as developments in the recent Russia-Ukraine conflict happened. The global market capitalization danced around the $1.7 trillion mark. As more international tensions arise, even the biggest crypto assets struggle to keep their prices above their respective support levels.
However, unlike the two biggest cryptos, BTC and ETH, XRP is dealing with another front, the Ripple lawsuit. This presented XRP with a peculiar scenario where it can find another means towards recovery.
Most recently, the expert discovery on the lawsuit wrapped up, and several legal opinions on the aftermath of this situation arose. And most of which were in favor of the company. Joseph Hall, a former SEC lawyer, even went as far as to say that the SEC shouldn’t have filed this case in the first place.
At the same time, 120 million units of XRP were transferred across wallets and exchanges. This came despite the recent doubts on the coin after its price action repeatedly failed to reach the $0.87 mark.
However, this massive move is not happening for the first time. On February 26, 15 million XRP units were transferred from Bittrex to an unknown wallet. Then it happened again on February 27 when 15.17 million XRP units were moved from Binance to another wallet.
The largest move was a 90 million XRP unit transfer on February 28. With the $700 million mega whale accumulation eleven days ago, this could mean that XRP investors are starting to accumulate and hold XRP in their wallets.
For now, the crypto community is closely watching XRP news, and several other investors will likely move in and buy if Ripple wins in the lawsuit.