In light of XRP's recent breakthrough above the $2 mark, Ripple whales purchased nearly $180 million worth of the currency, indicating that Ripple will gain further benefits alongside the lawsuit progress.
Against the backdrop of a recent bullish market for XRP, Ripple whales accumulating nearly $180 million worth of tokens have ignited global investor optimism. Recent data highlights a strong accumulation trend as the American blockchain payment company has seen favorable legal progress, which has also propelled a bull market for its native token. Notably, with the lawsuit against the U.S. Securities and Exchange Commission nearing its conclusion, significant growth has been observed in the native token, solidifying its position as the third-largest cryptocurrency by market capitalization.
Ripple whales are accumulating tokens in light of lawsuit progress.
Recent purchases by Ripple whales highlight a renewed market interest in the asset, with legal developments further driving this trend. Whale Alert data from December 2 shows a series of accumulations taking place.
According to whale data, the wallet address r32…yLn acquired 50 million tokens from the cryptocurrency exchange Upbit, worth $116.5 million. Additionally, the whale address 'rfQ…Cvi' accumulated 25.08 million tokens through two transactions from the cryptocurrency exchange giant Binance, valued at $61.08 million. Overall, these large purchase transactions underscore the growing market interest in the asset, triggering investor optimism for imminent gains.
On the other hand, as the American blockchain payment company seeks to conclude the XRP lawsuit, mainly considering the newly formed SEC during President Donald Trump's term, market sentiment towards its native cryptocurrency remains bullish. According to CoinGape Media, lawyers Bill Morgan, Fred Rispoli, and Jeremy Hogan have also announced that appeals in the lawsuit may be dismissed or withdrawn.
Overall, driven by these legal developments, XRP whale transactions have sparked tremendous optimism among global industry participants regarding the asset. It is also worth noting that Whale Alert data marked 770 million tokens held in custody by Ripple, valued at nearly $1 billion. This move by the blockchain company has heightened investor enthusiasm for this cryptocurrency.
XRP surges above $2
As of the time of writing, the XRP price surged nearly 29% intraday, trading at $2.41. The token's 24-hour low and high points were $1.87 and $2.49, respectively. It is worth noting that the asset's weekly and monthly price charts show increases of 63% and 367%, respectively. Overall, this upward trend reflects market optimism towards cryptocurrencies, while significant Ripple whale activity and legal developments further solidify this sentiment.
Furthermore, it is noteworthy that XRP broke above $2 during the bull market, surpassing Solana and USDT to become the third-largest cryptocurrency by market capitalization. This bullish momentum has further solidified investors' optimistic outlook on future trends amid the bullish and increasing accumulation in the cryptocurrency market in the fourth quarter.
