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The crypto town has now fallen to yet another phase of market corrections. Where digital coins from the industry have taken a dip to lower levels. The market cap of the business at press time has seen a correction of around $4.3% at $2,619,457,244,448. While the dominance of Bitcoin is at about 39.5%.
Traders from the town have learned the market cycle, and have been buying the dip, along with the whales. Meanwhile, newer investors are also aping the footsteps of veterans. Consecutively, Buy the dip has been trending on public platforms. XRP witnesses a spike in whale transactions amidst the market trend. Enthusiasts from the community continue to bag the dip, as they remain optimistic over the legal hearing.
Is XRP Now Immune To Its Legal Tussle Against The SEC?
The ongoing legal hurdle did hamper XRP to a greater extent. Howbeit, the digital asset now seems to have risen above the implications of the legal battle. As the protocol has been receiving major projects to cater on. In addition, the digital coin has been performing in line with its contenders in the business.
The recent market corrections have summoned an increase in buy orders for the dip. According to sources, the platform is witnessing numerous whale transactions from one wallet to the other. Consequently, 21,955,734 XRP have been transferred from an unknown wallet to Bitstamp. This is in addition to multiple big money flows, for instance, 58,327,544 XRP moved from one unknown wallet to the other.
Another transaction tallies 9,998,000 XRP totaling about $10,269,542 was transferred from an unknown wallet to Kraken. The megabucks flowing in the digital asset have been scintillating for the maximalists. And the Pandemonium for XRP to be relisted on exchange platforms is gaining traction. According to sources XRP whale transactions have been on a rise since July.
Are Bears Dragging The XRP Price?
The digital asset at the time of writing is trading at $0.9552 while registering dips of 5.0% from its value. While the market cap is hovering around $45,008,057,840. The volume of trades for 24-hours is at $4,255,930,171. The digital coin is trading along with the frequency range from $0.922 to $1.00 since the previous day.
Bears have turned heavy for the bulls, in the tug of war, as the bulls fail to keep the price of XRP above the $1 milepost. XRP price is currently trading at levels below the $1, from its price tag of $1.3 which was just a few weeks ago. The crypto might fall to levels around $0.90 if it loses out on grip from current levels.
Collectively, the XRP community has been rather glad of the whale transactions. Which further instills belief in the platform. Netizens are hopeful of the legal tussle subsiding with the start of 2022. Which might bring fortunes to the protocol and to the digital asset.