Whale Movements and Market Trends: Ripple’s Q1 2024 Report

Despite facing significant legal battles, Ripple’s native cryptocurrency, XRP, maintains an advantage over the U.S. Securities and Exchange Commission (SEC). However, it continues to grapple with substantial selling pressure. According to Ripple’s Q1 2024 market report, cryptocurrency whales have been actively transferring their XRP holdings.

Whale Activity in XRP WhaleAlert data reveals that over the past 24 hours, crypto whales executed multiple transactions, moving more than 283 million XRP (approximately $145.7 million). The largest single transaction involved transferring 250 million XRP (worth around $129 million) from the cryptocurrency exchange Coincheck to an unknown wallet. This suggests that whales opportunistically bought during a 15% price decline in Ripple’s cryptocurrency over the past 60 days.

However, another group of whales sold 33 million XRP (approximately $16.7 million) on the Bitstamp exchange.

XRP Price and Market Metrics Year-to-date (YTD), XRP has declined by approximately 17%. Yet, in the last 7 days, it has seen a modest 3% increase. As of this writing, the average trading price stands at $0.513, with a 24-hour trading volume of $755.5 million. Ripple’s native cryptocurrency market capitalization exceeds $28.3 billion.

Report Highlights Ripple’s quarterly market report provides transparency and updates on the cryptocurrency market. It covers XRP Ledger developments, relevant announcements, and market dynamics from the previous quarter.

Notably, in Q1 2024, Bitcoin spot ETFs saw net inflows of nearly $12 billion, with a cumulative trading volume of $207 billion. BlackRock’s iShares Bitcoin Trust recorded net inflows of $13.9 billion, indicating institutional interest.

The report also highlights trading volumes. Centralized exchanges (CEX) witnessed a surge in spot trading volume to $2.93 trillion, while derivatives trading volume reached $9.1 trillion. Decentralized exchanges (DEX) doubled their weekly trading volume from Q4 2023, reaching $40 billion.

Regarding XRP, daily spot trading volume increased by 40% in Q1 2024, reaching $865 million, and open derivative contracts rose to $500 million. This strong correlation with overall market activity underscores robust trading across various platforms.

Ripple vs. SEC Lawsuit In the ongoing legal battle between Ripple and the SEC, the latter seeks $2 billion in remedies related to XRP’s historical institutional sales. Ripple opposes this request, arguing that the law does not allow returning illicit gains without proving harm, suggesting a fine not exceeding $10 million. The court awaits a final decision on remedies, and Ripple remains confident in a fair outcome.

Sentiment: Neutral