XRP whale transactions of 40M coins highlight market optimism following Ripple’s SEC lawsuit win, fueling positive expectations and growth.
XRP whales have recently moved a substantial amount of cryptocurrency, totaling 40 million coins, following the conclusion of the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
This activity included two major transfers: 20.8 million XRP were sent to Bitstamp, while 20 million XRP were moved from Upbit to an unidentified wallet.
These significant transactions align with Ripple’s legal victory, which appears to have restored confidence among large-scale investors.
XRP Whale Transactions Amid SEC Lawsuit Conclusion
The total transfer of 40 million XRP marks notable market activity following the end of Ripple’s legal battle with the SEC. Of this, 20.8 million XRP, worth about $12.1 million, were moved to the crypto exchange Bitstamp.
Simultaneously, 20 million XRP, valued at $11.7 million, were transferred from Upbit to an anonymous wallet, as reported by WhaleAlert.
These transfers suggest that XRP whales are responding to the outcome of Ripple’s lawsuit against the SEC.
Market Response and Analyst Insights
Market analysts have been closely observing XRP since the lawsuit’s resolution. Analyst Dr. Magic, for instance, shared thoughts on X (formerly Twitter), suggesting that XRP has been in a re-accumulation phase over the past year.
Dr. Magic noted that XRP’s chart shows a bullish signal with an engulfing weekly candle at the lower limit of the Bollinger Bands, indicating a possible market shift.
This technical pattern, coupled with whale movements, suggests a potential bullish market trend.
Additionally, Dr. Magic highlighted that XRP has been trading at its lowest monthly volatility, predicting “market about to enter the most bullish quarter.”
Analyst BitBoy also emphasized the potential for XRP gains, along with other altcoins, following these recent developments. Positive sentiment has been reflected in XRP’s recent price movements, showing resilience.
Upcoming Developments in Ripple’s Ecosystem
Excitement continues to build around Ripple’s ecosystem as Bitstamp plans to launch a derivatives exchange on the XRP Ledger in the coming months.
This move is expected to attract more institutional investors to Ripple’s network.
The derivatives exchange will feature key financial tools that could leverage XRP for transactions, further boosting bullish sentiment among investors.
Moreover, Ripple’s legal victory has led platforms like Robinhood to relist XRP, increasing its accessibility amid whale movements.
As of the time of writing, XRP is priced at $0.5723, reflecting an 8.01% increase over the past week.
The cryptocurrency’s market capitalization stands at approximately $32.27 billion, placing it seventh among digital assets.
