XRP Whales Bag Over 120M Coins Sparking Optimism, More Gains Ahead?

XRP News: Against the backdrop of Ripple’s coin’s sustained price rally, XRP whales have 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 Whales Bags Over 120M Coins Amid Legal Developments

According to the tracker Whale Alert’s data, as of November 30, an XRP 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.

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.

In another legal development, a recent California district court filing revealed that the court has granted the motion to amend the order pertaining to judgment and stay in the In re Ripple Labs litigation. Both parties in the lawsuit have agreed that there was no specific reason to delay the judgment in the lawsuit. Overall, these legal developments have emerged as notable XRP news, with the blockchain payments company’s native crypto experiencing a sustained price rally.

Simultaneously, the recent legal maneuvers in favor of Ripple have added to optimism on the asset’s future, further escorted by XRP whales’ buying spree. Another whale also recently accumulated just over 13 million XRP coins ($25.9 million), as on-chain data showed that the investor in question transferred these coins from Binance to an unknown wallet.

Market Value Reaches Nears $2

Riding this bullish wave from XRP whales, 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.

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.

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, XRP whales 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.