We can clearly see the optimism surrounding the asset fueled by the XRP whale transactions and boosted investor enthusiasm.
Moving forward with the whale data, a wallet address named ‘r32…yLn’ purchased 50 million coins, whose worth is estimated at $116.50 million.
Another whale address ‘rfQ…Cvi’ had purchased 25.08 million tokens whose worth is estimated at $61.08 million from an exchange, Binance.
A wave of optimism has surfaced in the crypto market as the whales of Ripple accumulate around $180 million worth of tokens amid a highly bullish XRP market. After making legal progress in favor of Ripple Labs, a strong accumulation trend can be witnessed.
The legal progress has also helped boost the price and market capitalization of XRP. It is noteworthy that as the legal action in the Ripple Vs. SEC case approaches an end, XRP is witnessing significant gains and has positioned itself as the third-largest cryptocurrency in terms of market capitalization.
The latest purchase by Ripple Whales has ignited market interest in the cryptocurrency, followed by the progress in legal proceedings. On December 2, the Whale Alert data showed that a number of accumulations happened within trading hours.
The big transactions
Moving forward with the whale data, a wallet address named ‘r32…yLn’ purchased 50 million coins, whose worth is estimated at $116.50 million from a prominent exchange, Upbit. Another whale address ‘rfQ…Cvi’ had purchased 25.08 million tokens whose worth is estimated at $61.08 million from another exchange, Binance. This purchase from Binance was done with two transactions.
As a conclusion, these big purchases led to increased market interest in the asset and have ignited the optimism of investors. At the same time, Ripple Labs is looking for a full termination of the XRP case after the entry of a new SEC Chair under the Trump administration.
Three prominent attorneys, Bill Morgan, Fred Rispoli, and Jeremy Hogan have indicated that the appeals will possibly be dissolved or drawn in the case. The Whale Alert data has also highlighted whooping 770 million coins whose worth is about $1 billion to be locked in escrow by Ripple.
Optimism fueled by XRP whale transactions
Now, we can clearly see the optimism surrounding the asset fueled by the XRP whale transactions and boosted investor enthusiasm. At the press time, the price of XRP is 19.96% up in the last 24 hours and is currently trading at $2.29.
In the past 7 days, a significant gain of 63% was witnessed and a gain of 367% was recorded in the past month. Concluding, the upward trajectory has revived the market optimism for crypto, further strengthened by the big Ripple whale movements and positive legal progress.
Recently, XRP has surpassed Solana (SOL) and Tether (USDT) to position itself as the third largest cryptocurrency in terms of market capitalization and the price crossing $2.
