XRP News: Whales Buy 48M Coins After In re Ripple Lawsuit Developments

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As a seasoned financial analyst with over a decade of experience in the crypto market, I have witnessed the ebb and flow of various digital assets, including Ripple’s XRP. The recent developments surrounding this cryptocurrency have once again piqued my interest and those of many other market participants.

Latest on XRP: The cryptocurrency backed by Ripple Labs has generated renewed interest in the wider crypto community. Large investors, or “whales,” have purchased over 48 million units of XRP, betting on a price increase as markets start to rebound. Additionally, a court order by Judge Phyllis Hamilton in the ongoing Ripple lawsuit and upcoming deadlines for further proceedings have fueled optimistic sentiment among investors.

Based on my extensive research and years of experience in the cryptocurrency market, I must say that the latest news regarding Ripple’s digital asset has generated a significant amount of buzz and anticipation among investors and traders alike. The recent developments surrounding this cryptocurrency have been nothing short of intriguing, and as someone who has closely followed the crypto market for years, I can attest to the fact that such waves of speculation are not uncommon. However, it’s essential to approach any investment with caution and a well-informed perspective.

XRP News: 48M Coins Purchased Amid Legal Developments

Significantly, Judge Phyllis Hamilton has set a July 26th cut-off date for the involved parties to disclose if they intend to maintain the exclusion of evidence from four experts. Concurrently, the dispute between Zakinov and Ripple Labs has been transferred to Magistrate Judge Robert Illman for further examination.

Notabley, Judges Hamilton and Torres reached a consensus in their summary judgments regarding Ripple’s programmatic sales, determining that the asset did not qualify as a security. Following this ruling, large investors, referred to as “whales,” have been actively accumulating large quantities of Ripple’s crypto.

According to the data provided by Whale Alert, two different whale wallets acquired a total of 48.13 million coins from Binance today. The first wallet, with the address rfQ9EcLkU6, obtained 24.29 million coins, equating to approximately $14.52 million. Conversely, the second wallet, identified by the address rarG6, purchased 23.84 million coins, which amounted to around $13.77 million, also from Binance.

Despite Judge Analisa Torres’ pending decision in the Ripple lawsuit, there is optimism within the crypto community for favorable XRP news upon its resolution. In the interim, the price of XRP has notably surged due to the purchasing demand generated by the significant transactions mentioned earlier.

XRP Price Rallies

At the present moment, XRP‘s price experienced a notable increase of 8.90%, reaching a value of $0.5941. The lowest and highest points in its 24-hour range were marked at $0.5478 and $0.6038, respectively.

An in-depth examination of XRP‘s price conducted by CoinGape Media reveals that the cryptocurrency is making progress towards its potential wave three objective of $1, following impressive growth within the XRP Ledger (XRPL). Furthermore, the Relative Strength Index (RSI) has reinforced a bullish stance on XRP, settling at the 66 mark. This development creates opportunities for additional purchases and serves as encouraging news for XRP investors amidst ongoing legal proceedings and the digital asset’s escalating price trends.

The data from Coinglass showed that the coin’s futures open interest had risen by 7.77% to reach $804.11 million, and there was also an uptick of 1.38% in derivatives volume to $3.71 billion. This increase in both metrics, along with the price rise, suggested a bullish trend for the digital asset as of the current market situation.

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2024-07-20 15:06