XRP Whales Amass 110 Million Coins Amid Rising Prices and Legal Speculations
Recent data from Whale Alert reveals significant accumulation of XRP by whales, totaling nearly 110 million coins in recent transactions.
Notably, an unknown wallet address “rhWj…LQkK” acquired 39 million coins, valued at $20.44 million, with two other addresses “rfQ9…8Cvi” and “rarG…bZKk” accumulating 36 million and 34 million coins, respectively. These transactions originated from Binance, highlighting its role in the market.
However, amidst the accumulation, there was also a notable sell-off of 28 million XRP to Bitstamp, suggesting profit-taking by traders. The uptick in XRP’s price to over $0.53 coincides with growing market interest, fueled by speculation surrounding a potential settlement in the Ripple Vs. SEC lawsuit.
READ MORE: Bitcoin Whales Accumulate Over $4B During Recent Market Slump
Rumors of an impending settlement gained traction following news of a closed-door SEC meeting scheduled for July 18. This development has buoyed market confidence, supported by Judge Torres’s ruling in July 2023 that XRP is not a security, which Ripple executives celebrated again this year.
Over the weekend, XRP’s price surged, with analysts like Dark Defender predicting further gains if it closes above $0.53, potentially pushing it to $0.6044 and beyond.
We watched #XRP/#BTC, and this happened.
No Room Left.
Continue Watching. pic.twitter.com/dFJoi4XWIi
— Dark Defender (@DefendDark) July 15, 2024
Dark Defender also sees positive momentum in the XRP/BTC pair, suggesting a rebound from its recent lows.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
