XRP price recoils despite the Roblox news as whale transactions rise
Ripple (XRP) price has moved sideways in the past few months as the recent consolidation continues. The coin was trading at $0.50 on Tuesday after Roblox announced that it will integrate it into its ecosystem. Ripple has dropped by more than 47% from its post-SEC lawsuit victory high.
Ripple price reacted mildly to news from Roblox, one of the biggest metaverse and gaming companies in the world. Roblox has a market cap of over $18 billion and millions of users. In a statement, the company said that it will activate XRP payments in its ecosystem.
Ripple has had other victories in the past few months. For one, the judge overseeing its case against the Securities and Exchange Commission (SEC) rejected the agency’s plan to appeal the verdict. The judge ruled that XRP was not a financial security as the agency alleged.
Meanwhile, Ripple recently acquired Fortress Trust, a company that provides crypto infrastructure services. The acquisition gave the company a license to operate in Nevada, a potential big market in the crypto industry.
Fortress Trust is a company that helps companies interact with digital currencies. It joins other companies that Ripple Labs has acquired in the past few years. It bought Metaco in a $250 million deal. Metaco is a Swiss company that provides crypto custody services.
A likely reason why XRP has struggled is that more whales have been moving the tokens substantially in the past few months. For example, a whale moved XRP worth over $14 million from an unknown wallet to Bitstamp. It is unclear whether this whale wants to sell the token or not.
Another XRP whale moved tokens worth over $36 million from Ripple to an unknown wallet. On Monday, another whale transferred XRP coins to BitStamp. To be clear, these large transactions are not necessarily bad. However, they tend to send the wrong information in the market.
