XRP whales have recently moved a significant amount of crypto, totaling 40 million coins, amid the conclusion of the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This movement involved two major transactions where 20,800,000 XRP were transferred to Bitstamp and 20,000,000 XRP were moved from Upbit to an unidentified wallet.
These transactions coincide with Ripple’s legal victory which may have restored confidence among large-scale investors.
XRP Whales Transaction Details Amid SEC Lawsuit Conclusion
The transactions totaling 40 million XRP reflect significant market activity following the end of Ripple vs SEC legal battles. On one hand, 20,800,000 XRP, valued at approximately $12.1 million, were moved to the crypto exchange Bitstamp.
On the other hand, a transfer of 20,000,000 XRP, equivalent to $11.7 million, from Upbit to an anonymous wallet was recorded by WhaleAlert. These movements are indicative of XRP whales reacting to the recent conclusion of Ripple vs SEC case.
Market Response and Analyst Predictions
Market analysts have been closely monitoring XRP following the conclusion of the lawsuit. Notably, analyst Dr. Magic recently shared insights on X (formally twitter) regarding the XRP market. Magic suggested that the Ripple crypto has been undergoing a re-accumulation phase over the past year.
He points out that XRP chart shows an engulfing weekly candle at the lower limit of the Bollinger Bands, signaling a potential regime change. This technical occurrence, combined with the XRP whales movement suggest bullish market shift.
More so, the analyst noted the Ripple token was trading at the lowest monthly volatility recorded, stating,
market about to enter the most bullish quarter.
1+ year of an re-accumulation range . Engulfing weekly from lower limit of BB too for $XRP , market about to enter the most bullish Q , monthly volatility at all time lows. Patience and zero feelings will be highly rewarded soon. #RIPPLE
https://t.co/TDUrLBOGWS pic.twitter.com/hZXcZ9FYFZ
— Doctor Magic (@Doctor_Magic_) September 16, 2024
In addition, Analyst BitBoy has highlighted the potential for XRP gains and other altcoins in the wake of these developments. The positive sentiment is echoed in the recent price actions where XRP has shown resilience.
Upcoming Developments in Ripple’s Ecosystem
The anticipation around Ripple’s ecosystem continues to grow as Bitstamp announces plans to launch a derivatives exchange on the XRP Ledger in the next few months. This move will attract more institutional investors into the Ripple network. The derivatives exchange will incorporate major financial tools which could leverage XRP for operations. This could further fuel bullish sentiments among investors.
In addition, Ripple’s victory in its lawsuit with the SEC has prompted platforms like Robinhood to relist XRP, enhancing its accessibility amid XRP whales movements.
At the time of writing, XRP price stands at $0.5723, marking an 8.01% increase over the past seven days. The cryptocurrency has a market cap of approximately $32.27 billion, ranking it seventh among digital assets.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: 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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