XRP Price: Whales Hoard 130M Coins As Ripple Lawsuit Goes To Magistrate Judge, What’s Next?

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As a researcher with a background in cryptocurrencies and blockchain technology, I find the recent developments surrounding XRP particularly intriguing. The continued accumulation of XRP by whales, despite the ongoing Ripple lawsuit, has sparked optimism within the community and fueled speculations about potential price movements.

In an encouraging sign for XRP‘s price trend, large investors or “whales” have been purchasing substantial quantities of the cryptocurrency. This comes as the Ripple community buzzes with optimism following the recent development that the ongoing Ripple XRP lawsuit has been transferred to a magistrate judge for settlement. Ripple’s CEO, Brad Garlinghouse, expressed great enthusiasm towards this news, which in turn sparked increased whale activity and attracted substantial investor attention. On-chain data indicates that approximately 130 million XRP were accumulated during this period.

As a crypto investor, I’ve been closely monitoring the latest news and updates regarding XRP. Lately, there have been several significant developments that have sparked intrigue and fueled discussions about potential price movements for this digital asset. Let me share an overview of these events with you.

Whale Accumulations Spark Optimism

Based on multiple reports from Whale Alert’s XRP platform, it came to light that three different whales purchased a total of 129.77 million XRP within the last 24-hour period.

The way these whale addresses have been amassing XRP is quite intriguing. Since the token approached its support price of $0.5, these addresses have consistently bought up XRP. Even when XRP dipped down to the $0.4 level, they didn’t stop, suggesting a possible buy-the-dip approach.

According to the available information, the prominent XRP investor with the address rarG6FaeYh withdrew an extra 51.62 million XRP coins, equivalent to $25.26 million, from Binance. Simultaneously, another notable XRP whale, represented by the address rfQ9EcLkU6, took out 26.24 million XRP coins, worth $12.82 million, from the same exchange. Furthermore, the address rhWj9gaovw amassed a total of 51.91 million XRP coins, valued at approximately $25.41 million, bolstering trust among major investors in the XRP market.

In parallel, the CEO’s affirmation of “a significant victory” for XRP on platform X has tipped the balance towards optimism.

In the recent court decision in New York, all claims for class action lawsuits pertaining to XRP were dismissed. Importantly, this ruling neither contradicts nor alters the fact that XRP is inherently not classified as a security according to the judgment. The California verdict has effectively quashed all accusations against Ripple for violating federal securities laws through the sale of XRP.

However, the remaining issue, a state law claim, looms.

XRP Price Moves Sideways

As a crypto investor, I’ve noticed that despite Ripple’s lawsuit resolution bringing some optimism, the XRP price hasn’t experienced a notable surge in value. At the moment, XRP is being traded at $0.4873, representing a 0.40% decrease. The coin’s 24-hour trading range has been quite narrow, with its lowest and highest points being $0.48 and $0.4949 respectively. This suggests that the XRP market is currently experiencing low volatility.

The token’s Futures Open Interest on Coinglass increased by 1.80%, while its derivatives volume decreased by 5.13%. This information supports the token’s volatile price trend.

As an analyst, I’ve observed that the Relative Strength Index (RSI) for XRP has settled at a level of 43. This implies that XRP’s price action is becoming more rational and may suggest a broader market trend leaning towards neutrality, with a slight inclination towards downward pressure on the asset.

As a crypto investor, I’m keeping a close watch on the token market, eagerly anticipating any potential shifts. The upcoming developments are adding fuel to my hope that we’ll soon witness a stronger trend in the token’s price movement.

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2024-06-22 09:44