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Whales Hoard 130M Coins As Ripple Lawsuit Goes To Magistrate Judge, What’s Next?
In a move that glimmers hope for XRP’s future price movements, whales have continued to bag whopping amounts of the crypto amid an optimistic buzz for the Ripple community. On-chain data suggests that nearly 130 million XRP was accumulated as the Ripple XRP lawsuit was moved to the magistrate judge for settlement. Ripple CEO Brad Garlinghouse conveyed immense optimism on the development, amid which the whale activity spiked, piquing significant investor interest.
Here’s an overview of the developments that unfolded, igniting speculations about XRP’s future price trajectory.
Whale Accumulations Spark Optimism
According to numerous posts on X by Whale Alert, it was spotlighted that three whales collectively accumulated 129.77 million XRP in the past 24 hours.
What’s particularly intriguing about these whale addresses is their strategic accumulation of XRP. Ever since the token slipped near the support of $0.5, these addresses have been steadily accumulating the Ripple-backed asset. Further, even as XRP slipped to the $0.4 level, they continued to bag more, hinting at a potential buy-the-dip strategy.
As per the data, the address rarG6FaeYh, a renowned XRP whale, sacked an additional 51.62 million coins worth $25.26 million from Binance. Meanwhile, the address rfQ9EcLkU6, another well-known XRP whale, sacked 26.24 million coins worth $12.82 million from the same exchange. Moreover, the address rhWj9gaovw accumulated 51.91 million XRP, worth $25.41 million, solidifying a sense of market confidence for the asset among large-scale investors.
Concurrently, “the big win,” as reiterated by the Ripple CEO in a post on X, has weighed the scale toward the optimistic side for XRP.
Notably, “all class action claims in the suit were dismissed, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision),” Brad stated. The California ruling further dispersed all allegations that held Ripple a violator of federal securities law by selling XRP, the Ripple CEO adds.
However, the remaining issue, a state law claim, looms.
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XRP Price Moves Sideways
Despite the significant accumulations and Ripple’s lawsuit relief, XRP price failed to gain a substantial upside momentum. While writing, XRP traded at $0.4873, down 0.40%. Its 24-hour lows and highs were $0.48 and $0.4949, underscoring a tight trading session.
Coinglass showed a 1.80% spike in the token’s Futures OI, whereas the derivatives volume dipped 5.13%. This data further aligns with the token’s turbulent movement.
Meanwhile, the RSI further rationalized XRP’s volatility, resting at 43. This hinted at broader neutrality with slight downside pressure on the asset.
Crypto market participants continue to extensively eye the token for future shifts, hoping to see a bolstered movement ahead with the abovementioned developments weighing in.
Also Read: US Bitcoin ETF Records $545M Outflow, BTC Dip To $60K Imminent?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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