Ripple whales recently shifted 47M XRP, drawing significant attention amid ongoing litigation with the SEC.
By shifting 47 million XRP ahead of the appeal that the United States Securities and Exchange Commission is about to file in the final phases of litigation, Ripple whales have once again gained substantial attention, which is a gripping turn of events.
The enormous accumulations have caused waves of optimism over the future price action of the token, with predictions of an appeal by the regulatory body rising to a notable degree.
At the same time, the price of XRP is still trading above $0.62 at the time of this publication, which further solidifies a bullish posture in the face of increasing whale activity and developments in lawsuits.
Ripple Whales Make Waves With 47M XRP Accumulation Ahead of SEC’s Appeal
The blockchain tracker Whale Alert disclosed data allegedly showing that ripple whales stole 47 million coins today, September 30th. The statistics indicate that two whale addresses collaborated to create the large accumulation.
There is evidence that the unknown wallet address rB2uUZQCjo was successful in acquiring 31 million XRP from the well-known cryptocurrency exchange Upbit. This amount is equivalent to $19.79 million.
Meanwhile, another unknown wallet address, r4186vVNuH, was able to acquire 16 million coins from the same cryptocurrency exchange today. These coins are worth a total of $10.31 million.
As a result of these enormous accumulations, the market has reverberated with excitement for future movements, highlighting increased investor confidence in the asset’s potential.
A pro-Ripple attorney named Fred Rispoli recently made a statement on X, in which he disclosed that the probability of receiving a notice of appeal from the SEC continues to be sixty percent in favor, whereas forty percent are not.
Rispoli went on to say that the stakes are very high, and the Ripple community is eagerly awaiting a verdict about the pending lawsuit. Monica Long, the president of Ripple is adamant that the company has resolved the litigation and achieved a significant level of regulatory clarity.
A flood of conversations spread throughout the market as a whole was spurred by the enormous accumulations of ripple whales that occurred in the midst of current market occurrences.
XRP Price Soars
At the time of this publication, the price of XRP was trading at $0.6237, and it had been trading in the green for the majority of the day. We reported the coin’s low and maximum prices for the trading day as $0.6239 and $0.6622, respectively.
According to data provided by Coinglass, Ripple’s native cryptocurrency’s futures open interest (OI) increased by 2.29% to reach $973.37 million today. Moreover, the volume of coin derivatives increased by 92%, reaching $4.50 billion.
An indication that the coin is currently riding bullish waves across the huge sea of cryptocurrency is the surge that it has experienced.
The accumulation of a significant number of ripple whales has contributed to the optimism for future price moves. Cryptocurrency market participants continue to closely monitor the token, anticipating potential future gains.
