Ripple Lawsuit Settlement: XRP Whales Acquire 100 Million Coins Amid Settlement Speculations
XRP whales have recently acquired over 100 million coins, fueling market optimism amid rumors of a potential settlement in the Ripple vs. SEC lawsuit.
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This significant accumulation by the whales reflects the market’s growing interest in cryptocurrency. The rising prices and market interest coincide with speculations about a potential settlement in the Ripple vs. SEC lawsuit. Together, these developments have created an optimistic market surge for the XRP.
According to Whale Aler, XRP whales have acquired nearly 110 million coins in recent transactions. Whale Alert reported that an unknown wallet address “rhWj…LQkK” accumulated nearly 39 million coins, valued at $20.44 million. Additionally, two other transactions saw approximately 36 million coins and 34 million coins acquired by wallet addresses “rdQ9…8Cvi” and “rarG…bZKk,” respectively. More importantly, all these recent transfers originated from Binance.
However, amidst the accumulation, there was also a recent selloff that has raised concerns among investors. According to Whale Alert, a whale sold about 28 million XRP to Bitstamp, seen by many as a profit-taking opportunity often utilized by traders.
Moreover, the significant accumulation during the recent price surge underscores the growing cryptocurrency market interest. It appears that recent rumors about a potential settlement in Ripple vs. SEC have boosted market confidence recently.
Meanwhile, XRP experienced a significant price increase, reaching a peak of $0.566 before stabilizing around $0.53. This sudden uptick has sparked optimism within the crypto community, driven by increased activity on the XRP network. Notably, transaction transferred surged to 1.47 million, totaling to 2.55 million transactions, suggesting a bullish trend for XRP.
At press time, XRP is currently trading at $0.54, placing it at a pivotal point in its price movement. Analysts have differing opinions on whether the cryptocurrency will experience a minor correction or maintain its upward trend to surpass to $0.6 resistance level. If XRP managers to break through this significant threshold, market sentiment indicates a potential rise towards the $0.7 mark by the month’s end.
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