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XRP whales are making moves, with one investor amassing 120 million tokens worth $228.71 million from Bithumb. Ripple’s favorable legal developments and bullish market trends have bolstered confidence, pushing XRP’s price up 260% monthly.
Whale Accumulation Fuels Optimism for XRP
As of November 30th, an XRP whale had acquired 120,000,000 coins, or $228.71,000,000, from the cryptocurrency exchange Bithumb, according to data from the tracker Whale Alert.
This accumulation was recorded as rPy…DMZ by an unknown wallet address, according to the data. Importantly, the huge accumulation has sparked hope for the cryptocurrency's future, highlighting the heightened market interest in the asset during its current bull run.
Notably, according to CoinGape, the "new SEC" may put an end to the case against the United States SEC. The market's attitude towards the XRP litigation has changed dramatically since SEC Chair Gary Gensler announced his resignation and pro-crypto Donald Trump was elected president of the United States.
Ripple’s Legal Developments Boost Market Sentiment
Lawyers Jeremy Hogan, Fred Rispoli, and Bill Morgan all said that the appeals will probably be dismissed, which could mean that the case could be dropped soon.
Also, the court has approved the request to change the judgment and stay order in the In re Ripple Labs case, according to a new filing from the California district court. The lawsuit's two sides had reached a mutual understanding: there was no compelling reason to postpone the ruling.
In general, these legal developments have been significant XRP news, leading to a sustained price increase in the native cryptocurrency of the blockchain payments business.
At the same time, the recent court moves in Ripple's favor have boosted optimism about the asset's future, which is being aided by the buying binge of XRP whales. Just over thirteen million XRP tokens, or around twenty-five and a half million dollars, were recently amassed by another whale investor, who moved these assets from Binance to a wallet whose identity is unknown, according to on-chain statistics.
XRP Price Rally Gains Momentum Amid Whale Interest
With the help of these XRP whales, the cryptocurrency soared 20% in just one day, reaching a high of $1.95. At this very moment, the price has dropped to $1.88. A 22% rise was shown on the weekly chart and a 260% gain on the monthly chart for the asset. Bullishness among investors has been stoked by this upward trajectory, which coincides with both legal changes and rising whale accumulations.
Overseas holdings in the coin increased by 20% to $3.22 billion, according to data compiled by Coinglass. Derivatives volume also increased dramatically, by 127% to $25.65B. All things considered, the derivatives data also pointed to increased interest from investors in the asset.
Market Breakthroughs Signal Optimism for XRP’s Future
Furthermore, after breaking through a market dominance barrier that has stood for five years, an XRP price study conducted by CoinGape revealed that the coin is aiming for additional rises. In light of the most recent XRP news (discussed above) and the possibility of an RLUSD launch next month, XRP whales are still looking at the coin with an optimistic eye, anticipating additional gains.
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