Ripple Lawsuit Settlement: XRP Whales Buy 100M Coins Amid Settlement Rumors

The XRP whales have accumulated nearly 110 million coins in recent transfers, while its price has soared past the $0.53 mark recently. The hefty accumulation by the whales reflects the growing interest of the market towards crypto. In addition, the soaring prices and market interest come amid speculations over a potential settlement in the Ripple Vs. SEC lawsuit. This chronicle collectively has birthed an optimistic market torrent for the Ripple-backed crypto

XRP Whales Accumulates 100M Coins

According to the on-chain transactions tracker platform Whale Alert, XRP whales have amassed nearly 110 million coins in recent transactions. Whale Alert report that nearly 39 million coins, worth $20.44 million, were accumulated by an unknown wallet address “rhWj…LQkK”.

In the other two transactions, around 36 million coins and 34 million coins were accumulated by the wallet addresses “rfQ9…8Cvi” and “rarG…bZKk”, respectively. Notably, all these latest transfers were made from Binance, a leading player among other crypto exchanges.

However, amid the accumulation, there was also a recent selloff which has sparked concerns among investors. As per Whale Alert, a whale has sold about 28 million XRP to Bitstamp, which many view as a profit-booking opportunity often leveraged by traders.

Meanwhile, the massive accumulation amid the recent price surge reflects the increasing market interest in crypto. It appears that the recent rumors over a potential settlement in the Ripple Vs. SEC case has bolstered market confidence lately.

Also Read: Galaxy CEO Novogratz Reacts On China’s Latest Bitcoin Stance

What Next?

According to recent rumors, Ripple XRP lawsuit is nearing its settlement soon. For context, the U.S. SEC has announced a closed-door meeting on July 18, sparking market speculations. A flurry of market watchers and the XRP community anticipates the meeting to be focused on reaching a potential settlement in the Ripple lawsuit.

In addition, July 13 marked an important date for Ripple. On July 13, 2023, Judge Torres ruled that XRP is not a security, and the Ripple executives have lauded the ruling on the same date this year.

Meanwhile, the price has increased significantly over the weekend on the heels of the speculations. Notably, a flurry of analysts are also offering bullish insights on the future of the crypto’s price. For context, crypto expert Dark Defender recently said that this week’s close above $0.53 would take XRP to $0.6044 next.

Additionally, he also noted that it could further send the prices to $0.6649, given the recent upward momentum in the market. Talking about the XRP/BTC pair, Dark Defender predicted that it has already reached its bottom, predicting a potential rebound.

During writing, XRP price was up 0.73% to $0.5328, after touching a one-day high of $0.5396. However, its one-day trading volume fell 42% to $1.53 billion, after a massive surge over the weekend. Collectively, XRP whales taking action has glimmered hope amid recent developments and the price upswing.

Also Read: Ex-FTX Exposes Silvergate Bank’s Knowledge Of Suspicious Transactions

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.