Cryptocurrency whales have been on the agenda with their sales recently. The cryptocurrency market, which is in a slight downtrend, continues to follow the movements of the whales. Looking at the latest transactions, it becomes clear that there is activity in two altcoin projects in particular. Here are the details…
Whales sell on leading altcoin Ethereum
Along with Bitcoin, the world’s second-largest cryptocurrency Ethereum (ETH) has come under serious selling pressure following the collapse of crypto exchange FTX. ETH price slumped below $1,200 as investor confidence waned. Also, according to the data, in December 2022, Ethereum whales have sold close to 1 million ETH so far. Popular crypto analyst Ali Martinez used the following statements along with Santiment’s data:
Ethereum whales holding 10,000 to 100,000 ETH have sold or redistributed around 880,000 ETH since December 2022.
As of now, Ethereum is changing hands at $1,198, up 0.1 percent. The cryptocurrency follows Bitcoin with a market cap of $144 billion. In addition, the weekly change of ETH is in a loss of 1.2 percent. According to the data, 4 million addresses bought a total of 15 million ETH at the level of $1,227. Therefore, it is stated that $1,227 is significant. Meanwhile, a few altcoins were posting strong returns even after the FTX crash, while Ethereum refused to join the party. Instead, it largely follows Bitcoin’s price action. It continues to be under sales pressure.
In addition, Santiment also shared data for other cryptocurrencies. In a recent tweet, he reported:
Litecoin whale transactions were much higher than normal in the second half of December. Additionally, Binance’s native tokens BNB and BUSD are seeing high gains with more than $1M in their respective transactions.
618 million XRP in action
On the other hand, the whales had XRP in focus. cryptocoin.com As we reported, the XRP community is gearing up for the highly anticipated Summary Judgment in the long-running Ripple and SEC lawsuit. Meanwhile, WhaleAlert reports that some large whales are moving their XRP tokens. According to the data, crypto whales have moved more than 618 million XRP in multiple transactions in the past 24 hours. This equates to about $221 million.
The largest transaction recorded by the data platform was the movement of 410 million XRP. But another whale carried around $50 million worth of XRP in another transaction. It looks like crypto whales are waiting for the final decision in the XRP case. However, amid the XRP price crash, a whale bought $10.3 million worth of XRP tokens. Whale added 28.5 million XRP from Bitstamp crypto exchange.
Meanwhile, another whale took advantage of the recent XRP price hike to sell off 40 million XRP. The transaction equates to approximately $14.2 million. XRP price has risen marginally over the past 7 days. Meanwhile, the biggest cryptocurrencies like Bitcoin and Ethereum registered a price drop. XRP is trading at an average price of $0.345 at the time of writing.
What does the XRP survey point to?
Meanwhile, Attorney John Deaton shared a survey on the outcome of the XRP lawsuit. The poll, initiated by the XRP lawyer, resulted in the community believing that the Ripple case had reached a settlement. About 60 percent of voters think there will be a compromise, while another 40 percent suggest the XRP case will face resolution.