Despite the news of Roblox, the price of XRP is going back due to the increase in whale trading
Ripple (XRP) price has moved sideways over the past few months as the recent consolidation continues. The coin was trading at $0.50 on Tuesday after Roblox announced it would integrate it into its ecosystem. Ripple is down more than 47% from its post-SEC lawsuit victory high.
Ripple's price reacted mildly to the news from Roblox, one of the largest 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 it will power XRP payments across the ecosystem.
Ripple has had other wins over the past few months. First, the judge overseeing the case against the Securities and Exchange Commission (SEC) rejected the agency's plan to appeal the ruling. The judge ruled that XRP is not a financial security, according to the agency.
Meanwhile, Ripple recently acquired Fortress Trust, a company that provides crypto infrastructure services. The acquisition gives the company a license to operate in Nevada, a major market in the crypto industry.
Fortress Trust is a company that helps companies connect with digital currencies. It joins other companies that have acquired Ripple Labs over the past few years. He bought Metacon for $250 million. Metaco is a Swiss company that provides crypto security services.
A possible reason why XRP has struggled is that many whales have been moving the tokens heavily over the past few months. For example, one whale moved more than $14 million worth of XRP from an anonymous wallet to Bitstamp. It is not clear whether this whale wants to sell the token or not.
Another XRP whale moved more than $36 million worth of tokens 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 wrong information in the market.
