- Whales accumulate a significant amount of XRP following positive legal news.
- Discussions ensue as legal developments progress in the Ripple lawsuit.
- XRP price surges by 8%, indicating heightened buying interest.
XRP News: Key developments in the Ripple class action lawsuit spur whales to acquire over 48 million coins, leading to an 8% price increase today.
XRP Whales Accumulate 48 Million Coins Amid Legal Developments
In a noteworthy development, XRP whales have amassed over 48 million XRP as new legal proceedings in the Ripple class action lawsuit unfold. This accumulation follows a pivotal stipulation order by Judge Phyllis Hamilton, suggesting continued positive momentum.
Impact of Recent Legal Orders on XRP Market Sentiment
Judge Phyllis Hamilton recently stipulated a deadline for parties to file a notice regarding the exclusion of four expert testimonies by July 26. Additionally, the Zakinov vs. Ripple Labs case has been referred to Magistrate Judge Robert Illman for further resolution. Such directives have seemingly sparked a bullish outlook among large XRP investors, or whales, prompting significant buying activity.
Details of Whale Transactions
According to Whale Alert, a cryptocurrency tracking service, two large transactions were recorded on Binance, amounting to 48.13 million XRP collectively. One wallet, identified as rfQ9EcLkU6, purchased 24.29 million XRP valued at approximately $14.52 million. Another wallet, rarG6, acquired 23.84 million XRP for roughly $13.77 million.
XRP Price Movement: 8% Increase
The recent buying pressure from whales has catalyzed a significant price increase for XRP, with the cryptocurrency gaining nearly 8.90% in value, currently trading around $0.5941. This price movement reflects a growing positive sentiment in anticipation of favorable legal outcomes.
Market Analysis and Future Projections
Analysis from CoinOtag Media highlights the potential for XRP to reach its wave three target of $1, driven by growth in the XRP Ledger (XRPL). Technical indicators such as the Relative Strength Index (RSI) at 66 point towards a continued bullish trend. Additionally, data from Coinglass shows a 7.77% rise in futures open interest to $804.11 million, alongside a 1.38% increase in derivatives volume to $3.71 billion, substantiating the market uptrend.
Conclusion
The latest developments in the Ripple class action lawsuit and subsequent whale accumulation of XRP underscore an optimistic market outlook. With XRP’s price experiencing a notable uptick, the cryptocurrency seems poised for further gains, contingent on the final court judgments and continued market support.
