Amid a highly bullish XRP market witnessed recently, Ripple whales’ action to accumulate nearly $180 million worth of tokens has ignited investor optimism globally. Recent data highlights a strong accumulation trend as the American blockchain payments firm saw legal advancements in its favor, which also fueled a bull run in its native coin. Notably, as the lawsuit against the U.S. SEC nears a potential end, the native coin witnesses remarkable gains, securing a rank as the third largest crypto by market cap.

Ripple Whales Accumulate Heavily Amid Lawsuit Developments

Ripple whales’ recent buying has underscored renewed market interest in the asset, further escorted by legal developments. Whale Alert data on December 2 indicated that a series of accumulations occurred intraday.

As per the whale data, the wallet address r32…yLn bagged 50 million coins, worth $116.50 million, from the crypto exchange Upbit. Further, the whale address “rfQ…Cvi” was recorded as accumulating 25.08 million tokens, worth $61.08 million, from the crypto exchange giant Binance via two transactions. Collectively, these heavy buying transactions underscored heightened market interest in the asset, sparking investor optimism over more gains imminent.

On the other hand, with the American blockchain payments company eyeing a potential end to the XRP lawsuit, primarily in light of the new SEC under Donald Trump’s presidency, market sentiments for its native crypto remain bullish. CoinGape Media reported that attorneys Bill Morgan, Fred Rispoli, and Jeremy Hogan also proclaimed that the appeals would likely be dismissed or withdrawn in the lawsuit.

Overall, the XRP whale transactions amid these legal maneuvers have birthed significant optimism surrounding the asset among industry participants globally. Meanwhile, it’s also noteworthy that Whale Alert data flagged a staggering 770 million coins worth nearly $1 billion to be locked in escrow by Ripple. This mover by the blockchain company has added investor enthusiasm surrounding the crypto.

XRP Soars Past $2 Mark

At the time of reporting, XRP price surged nearly 29% intraday to trade at $2.39. The coin’s 24-hour low and peak were $1.87 and $2.49, respectively. Notably, the weekly and monthly price charts for the asset underscored gains worth 63% and 367%, respectively. Overall, this rising movement has echoed substantial market optimism for crypto, further solidified by the massive Ripple whale movements and legal developments.

Also, it’s worth mentioning that XRP overtook Solana and USDT to secure ranking as the third largest crypto by market cap amid its bull run topping $2. This bullish momentum has further cemented investors’ optimism over future movements amid a bullish Q4 crypto market and increased accumulations.

The post Ripple Whales Buy $177M XRP Amid Renewed Market Interest, Here’s All appeared first on CoinGape.

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Filed under: News - @ December 2, 2024 7:13 am