A whale (large investor) has bought 120 million XRP tokens worth $228.71, and transferred it to an unknown wallet. This event has ignited excitement and curiosity among investors and analysts. A lot of them now predict more price increases for Ripple’s token, with some setting a high price level of $10.
Whale’s Massive XRP Purchase
According to data from Whale Alert, the whale bought the tokens from the Bithumb exchange on November 30. The wallet address involved was noted as “rPy…DMZ.” This large purchase reflects growing interest in XRP, especially during its ongoing price rally.
120,000,000 #XRP (228,711,662 USD) transferred from #Bithumb to unknown wallethttps://t.co/KwHckvtJ6m
— Whale Alert (@whale_alert) November 30, 2024
Whale purchases like this often indicate confidence in the token’s future. They also tend to drive market optimism, especially when paired with positive news about the token or its parent company, Ripple.
Legal Wins Boost XRP Sentiment
Up till now, Ripple has been fighting the U.S. Securities and Exchange Commission (SEC) for some years. However, recent legal updates have favoured Ripple. A lot of experts now believe the case might soon end, especially with recent changes in U.S. politics.
Also, the recent announcement about Gary Gensler’s departure as the SEC Chair further solidifies the belief. In addition, pro-crypto Donald Trump has secured a political win. These events have shifted sentiment in Ripple’s favour.
Legal experts like Bill Morgan, Fred Rispoli, and Jeremy Hogan suggest the appeals against Ripple might be dropped. A recent California court decision also allowed changes to a previous order in Ripple’s case. Both parties agreed there was no reason to delay further rulings.
Sooo..what happens to the Ripple v. SEC (and Coinbase case, etc.) next year?Well, I wasn't sure about the nuts/bolts of it all so I listened to a great Space by @JohnReedStark today and the most LIKELY scenario is:1. Gensler steps down before Jan.202. The new head (or interim… pic.twitter.com/GZ0EmidnNs
— Jeremy Hogan (@attorneyjeremy1) November 8, 2024
These legal victories have boosted investor confidence in XRP. Many now see the token as a safer bet for the future.
XRP Price Surges
Ripple’s native token, XRP’s, has been steadily ascending in price. Recently, the token reached a 24-hour high of $1.95 before consolidating back to $1.88. Also, its weekly gains are at 22%, while monthly gains are up to 260%.
The token’s market performance shows strong momentum. Investors are optimistic that it will continue to rise, fueled by legal developments and whale activity.
Derivatives Market Shows Growing Interest
The derivatives market also reflects the growing interest in $XRP. According to data from Coinglass, XRP’s futures open interest (OI) has risen by 20%, equaling $3.15 billion. On the other hand, trading volume in derivatives has jumped by 127%, hitting $25.65 billion.
These numbers highlight the increased confidence of investors in XRP. Many are betting on further price increases in the near future.
What’s Next for XRP?
Analysts and market watchers are closely monitoring XRP price action. In recent times, the token has displayed strong resilience and growth, even amid market uncertainty.
Many investors also believe that the upcoming Ripple’s RLUSD product launch could drive the $XRP price higher. If the token maintains its current bullish trend, it could soon surpass the $2 price level. Some optimists even believe that a $10 target is achievable in the long run.
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