As an experienced analyst, I believe that the recent whale accumulation of XRP is a strong indicator of market optimism towards this cryptocurrency. The large-scale purchases by unknown wallets, as evidenced by Whale Alert data, suggest that investors are confident in XRP’s future prospects. This confidence may be fueled by anticipation surrounding the Ripple vs. SEC lawsuit and the upcoming deadline for the SEC to file its reply.
As a crypto investor, I’ve noticed the XRP price attracting attention once more today, despite a 2% decrease in value. Despite the downward trend, it seems that XRP whales are capitalizing on this dip by making significant purchases, as indicated by recent transactions. Furthermore, these large-scale buys occur just before the SEC’s deadline to submit their reply on April 29, fueling market speculation.
Whales Accumulation Reflects Market Optimism
Based on information from the cryptocurrency tracking platform Whale Alert, large investors, or “whales,” have bought approximately 75 million XRP from the exchange Binance. This purchase indicates growing faith among investors in XRP. For example, an unidentified whale, whose wallet is represented by the address “rhWj9…FLQkK,” has just acquired 24.05 million XRP, equivalent to around $12.39 million, from Binance today.
At the same time, another whale holding the wallet address “rfQ9E…k8Cvi” obtained 26.33 million XRPs, equivalent to $13.56 million, from the same crypto exchange. Additionally, a transaction was observed not too long ago in which the “rhLTH…rtNXN” whale purchased 24.11 million XRPs from Bitvavo.
As an analyst, I’ve noticed a growing trend among whale investors in the XRP market. Yesterday alone, two significant players in the crypto space acquired approximately 46 million XRP from Binance. This action suggests that these whales are positioning themselves in anticipation of major developments in the ongoing Ripple vs. SEC lawsuit, which is set to unfold next week.
XRP Price Ahead Of SEC’s Deadline To File Its Reply
Magistrate Judge Sarah Netburn has given the Securities and Exchange Commission (SEC) until April 29, 2024, to submit their response in the ongoing legal battle with Ripple Labs. This comes after Ripple filed a motion to dismiss the SEC’s expert reports intended to bolster their case.
As an analyst, I’d rephrase it as: I’ve learned that Ripple has been granted a three-business day deadline to submit their response to the SEC, following this update. It’s important to note that this scheduling adjustment occurs after Judge Netburn’s recent appointment as District Judge in the Southern District of New York, meaning she will continue overseeing the case.
As an analyst, I’ve observed that despite XRP holding large whale investments, its price couldn’t sustain an uptrend during today’s broader crypto market correction. For clarity, the overall cryptocurrency market, including major coins such as Bitcoin, Solana, Shiba Inu, and others, have experienced a significant selloff.
At present, the cost of XRP had decreased by 2.25%, reaching $0.5142 during my composition. The currency’s trading volume experienced a decline of approximately 27% to hit a total of $959.03 million. It is worth mentioning that throughout the previous day, XRP reached its peak at $0.5294 and its lowest point at $0.5104, highlighting the market’s unstable conditions.
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2024-04-27 13:20