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Whales buy 48 million after developments in In re Ripple lawsuit
XRP News: The Ripple Labs-backed cryptocurrency has once again raised eyebrows in the broader market. Whales have accumulated over 48 million XRP anticipating a positive momentum amid the market recovery. Additionally, a stipulation order from Judge Phyllis Hamilton in the In re Ripple lawsuit and the deadlines set for a subsequent resolution have boosted positive sentiments.
Let’s analyze the recent events surrounding the Ripple cryptocurrency that have triggered a wave of speculation among market participants.
XRP News: 48 Million Coins Bought Amid Legal Developments
Notably, Judge Phyllis Hamilton recently issued a July 26 deadline for the parties to file a notice disclosing whether they seek to continue the exclusion of four expert testimony. Simultaneously, the case of Zakinov v. Ripple Labs the case was referred to Judge Robert Illman for resolution.
It’s worth noting that Judge Hamilton upheld Judge Torres’ summary judgment on programmatic sales, deeming the asset not a security. In the wake of this court order, whales have taken steps to heavily accumulate Ripple’s crypto.
According to insights revealed by tracker Whale Alert, two whales collectively pocketed 48.13 million Binance coins today. The whale wallet address rfQ9EcLkU6 pocketed 24.29 million coins worth $14.52 million, while address rarG6 purchased 23.84 million coins worth $13.77 million from the aforementioned exchange.
However, it is worth mentioning that the final judgment from Judge Analisa Torres is yet to come, with the crypto community expecting positive news about XRP with the conclusion of the Ripple lawsuit. In the meantime, the coin has notably surged in tandem with the buying pressure brought by the aforementioned transactions.
Read too: SEC cancels meeting on Ripple settlement and injunction, XRP drops 13%
XRP Price Increase
At the time of writing this article, XRP Price saw a significant 8.90% increase in value to trade at $0.5941. Its 24-hour lows and highs were recorded as $0.5478 and $0.6038 respectively.
A recent XRP Price Analysis by CoinGape Media shows that the crypto is paving its way towards the wave three target of $1 amid the notable growth witnessed in the XRP Ledger (XRPL). Furthermore, the RSI has solidified the bullishness in the coin, hovering at the 66 level. This paves the way for more buying, serving as bullish news on XRP amid the recent legal developments and the coin’s rising price action.
Data from Coinglass indicated a 7.77% increase in the currency’s futures OI to $804.11 million, accompanied by a 1.38% increase in derivatives volumes to $3.71 billion. Along with the price increase, this data suggested a bullish market trend for the digital asset at the time of publication.
Read also: Ripple XRP Case Update: Lawyer Rules Out SEC Meeting and Settlement Link
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