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Whales Hoard 130 Million Coins As Ripple Lawsuit Goes To Magistrate Judge, What’s Next?
In a move that sparks hope for XRP’s future price movements, whales have continued to pocket colossal amounts of crypto amid an optimistic buzz for the Ripple community. Network data suggests that nearly 130 million XRP has been accumulated as the Ripple XRP Process was transferred to the magistrate judge for settlement. Ripple CEO Brad Garlinghouse conveyed immense optimism about the development, amidst which whale activity soared, sparking significant interest from investors.
Here is an overview of the developments that have unfolded, sparking speculation about the future price trajectory of XRP.
Whale accumulations spark optimism
According to numerous posts on Whale Alert’s X, it was highlighted that three whales have collectively accumulated 129.77 million XRP in the last 24 hours.
What is particularly intriguing about these whale addresses is their strategic accumulation of XRP. Since the token fell near the $0.5 support, these addresses have been steadily accumulating the Ripple-backed asset. Furthermore, even as XRP fell to the $0.4 level, they continued to bag more, suggesting a potential buy-the-dip strategy.
According to the data, the address rarG6FaeYh, a renowned XRP whale, looted an additional 51.62 million coins worth $25.26 million from Binance. Meanwhile, address rfQ9EcLkU6, another well-known XRP whale, looted 26.24 million coins worth $12.82 million from the same exchange. Additionally, the rhWj9gaovw address accumulated 51.91 million XRP, worth $25.41 million, solidifying a sense of market confidence in the asset among large-scale investors.
At the same time, “the big win,” as reiterated by Ripple’s CEO in a post on X, tipped the scales toward XRP’s bullish side.
Notably, “all class actions in the lawsuit were dismissed and absolutely nothing in the decision denies or alters the fact that XRP is not, per se, a security (according to the New York Court ruling),” stated Brad . The California ruling further dispelled all allegations that Ripple was violating federal securities law by selling XRP, adds the Ripple CEO.
However, the remaining issue, a state law claim, arises.
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XRP Price Moves Sideways
Despite significant backlogs and relief from Ripple’s lawsuit, XRP Price failed to gain substantial upward momentum. At the time of writing, XRP traded at $0.4873, down 0.40%. Its 24-hour lows and highs were US$0.48 and US$0.4949, highlighting a tight trading session.
Coinglass showed a 1.80% increase in the token’s futures OI, while derivatives volume fell by 5.13%. This data further aligns with the turbulent movement of the token.
Meanwhile, the RSI further rationalized XRP’s volatility, settling at 43. This suggested broader neutrality with slight downward pressure on the asset.
Crypto market participants continue to watch the token extensively for future changes, hoping to see reinforced movement ahead with the aforementioned developments weighing in.
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