The XRP coin is on an upward trend. This is partly due to investors’ increasing confidence in a favorable outcome of the SEC lawsuit. In addition, the recent refresh of the XRP Ledger adds to the trend, prompting major crypto investors to purchase additional XRP tokens.
A new feature on the XRP ledger
In a tweet, Ripple announced a new feature for the XRP Ledger called Hooks. Ripple explained that Hooks is a proposal that adds functionality similar to smart contracts to the XRP Ledger. This is custom layer-one code that is used to influence the behavior and flow of transactions. The tweet further stated that Hooks consists of small, efficient pieces of code linked to an XRPL account.
Crypto whales are buying XRP tokens en masse
Since the announcement of Ripple’s new Hooks proposal, major crypto large investors have continued to purchase more and more XRP tokens. WhaleAlert data shows that whales have purchased more than 146 million XRP tokens in the past 24 hours, valued at approximately $77 million.
The largest transaction recorded by the tracker involved a transfer of 50 million XRP from the crypto exchange CryptoCom. In addition, a large transaction of 23.4 million XRP tokens also took place on Binance.
The growing optimism among investors is reflected in the strong performance of the XRP coin. The price of XRP has increased by more than 40 percent in the past 30 days. XRP is currently trading at an average price of USD 0.515.