xrp cryptocurrency price

$XRP Whale Moves Over $12 Billion Worth of Crypto for Next to Nothing

$XRP Whale Moves Over $12 Billion Worth of Crypto for Next to Nothing
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A crypto whale transferred $12 billion worth of XRP in a transaction that cost almost nothing to process thanks to the network’s low fees. According to data from the XRP Ledger, a total of $12.3 billion of XRP was transferred in a transaction that costs 0.000012 XRP, or $0.000157 to process.

It is not clear who sent the transaction and who received it – if it was a different entity – but the transaction highlights a key benefit of cryptocurrencies: low transaction fees that can be achieved even for very large transactions.

Crypto whales, according to a Benzinga report, hold a large share of the circulating supply of XRP, which means that they can single-handedly move its price if they decide to sell their holdings. Similarly, whales can raise the price of XRP if they decide to continue accumulating.

Over the past 24 hours, the price of XRP has increased by more than 3%, which means that the whale that moved its massive $12 billion in stock has not moved the money to sell it on the exchange. According to the available market data, XRP is up over 400% since the beginning of the year.

XRPUSD Chart via TradingView

Leading cryptocurrency analyst Credible Crypto confirmed earlier this month his prediction for XRP, revealing his belief that the cryptocurrency is set to experience a massive breakout in the near future based on its price chart.

The price of the cryptocurrency was affected last year by a lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple and two of its executives alleging that they “raised more than $1.3 billion through an unregistered and ongoing offering of digital assets”.

Most cryptocurrency exchanges remove the token shortly after the lawsuit is announced, affecting the coin’s liquidity. However, some exchanges have sided with Ripple in the lawsuit, arguing that the SEC’s move hurt XRP investors.

Crypto exchange Uphold notes that the SEC’s goal is to protect consumers, and believes that it is difficult to see “how the judgment that makes XRP fundamentally worthless and causes billions of dollars in losses to retail investors” will match that goal.

Ripple itself argued that the lawsuit “has already affected countless innocent XRP hashrate holders who have no connection with Ripple.” It added that it had muddied the waters for stock exchanges, market makers and traders. CEO Brad Garlinghouse said the fintech company is very likely to go public after settling its lawsuit with the regulator.

The opinions and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only, and do not constitute financial, investment or other advice. Investing or trading in crypto assets involves the risk of financial loss.

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