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XRP News: Whale Bags 120M Coins Amid Legal Developments
Against the backdrop of Ripple’s coin’s sustained price rally, a crypto market whale has again bagged massive amounts of the token, sparking investor optimism globally. Recent on-chain data indicated that the whale accumulated a whopping 120 million coins from a leading crypto exchange.
In turn, market enthusiasts are expecting further gains in the asset’s price, given recent legal maneuvers that sided with the American blockchain payments company.
XRP News: Whale Bags 120M Coins Amid Legal Developments
According to Whale Alert’s data, as of November 30, a crypto market whale accumulated 120 million coins worth $228.71 million from the crypto exchange Bithumb. Per the data, the unknown wallet address that made this accumulation was recorded as rPy…DMZ. Notably, the massive accumulation has ignited optimism surrounding the crypto’s future movements, underscoring increased market interest in the asset amid an ongoing bull run.
Notable Developments
Notably, CoinGape Media reported that the lawsuit against the U.S. SEC could end under the "new SEC." Primarily, with SEC Chair Gary Gensler announcing his exit and pro-crypto Donald Trump securing a win in the U.S. elections, market sentiments surrounding the XRP lawsuit have taken a paradigm shift. Attorneys Bill Morgan, Fred Rispoli, and Jeremy Hogan also revealed that the appeals are likely to get dismissed, hinting that the lawsuit could drop soon.
Legal Maneuvers
Simultaneously, the recent legal maneuvers in favor of Ripple have added to optimism on the asset’s future, further escorted by the abovementioned accumulation.
Market Value Reaches Nears $2
Riding bullish waves leveraging massive buying, XRP gained 20% to hit a 24-hour high of $1.95. The price is currently trading at $1.88. Notably, the weekly and monthly charts for the asset indicated gains worth 22% and 260%, respectively. This rising trajectory, amid legal developments and rising whale accumulations, has sparked bullishness among investors.
Derivatives Data
Simultaneously, Coinglass data indicated a 20% increase in the coin’s futures OI to $3.22 billion. Further, even the derivatives volume soared 127% to $25.65 billion. Overall, the derivatives data also indicated heightened investor interest in the asset.
Price Analysis
In addition, an XRP price analysis by CoinGape Media indicated that the token is eyeing further gains as it surged past a five-year resistance level in market dominance. Overall, market watchers continue to eye the token bullishly, expecting further gains in light of the latest XRP news mentioned above and a potential RLUSD launch next month.
Conclusion
In conclusion, the recent XRP news has sparked optimism among investors, with the asset’s price reaching near $2. The whale accumulation and legal developments have added to the asset’s bullish trajectory, with market enthusiasts expecting further gains in the coming days.
FAQs
Q: What is the current price of XRP?
A: The current price of XRP is $1.88.
Q: What is the market capitalization of XRP?
A: The market capitalization of XRP is near $2.
Q: What is the recent whale accumulation of XRP?
A: A crypto market whale accumulated 120 million coins worth $228.71 million from the crypto exchange Bithumb.
Q: What are the recent legal developments surrounding XRP?
A: The lawsuit against the U.S. SEC could end under the "new SEC", and the appeals are likely to get dismissed, hinting that the lawsuit could drop soon.
