Ripple Whales Bag 47M XRP As SEC's Appeal Deadline Nears, What's Next?

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Ripple Whales Bag 47M XRP As SEC’s Appeal Deadline Nears, What’s Next? – Crypto News

Published

2 years ago

September 30, 2024

Dripp

In a riveting turn of events, Ripple whales have once again garnered significant attention, moving 47 million XRP ahead of the U.S. SEC’s appeal in the final stages of the lawsuit. The massive accumulations have set off optimistic waves for the token’s future price action, with speculations of an appeal by the regulatory body rising up notably. Meanwhile, XRP price continues to trade above $0.62 at press time, solidifying a bullish stance amid rising whale activity and lawsuit developments.

Ripple Whales Make Waves With 47M XRP Accumulation Ahead of SEC’s Appeal

According to data revealed by blockchain tracker Whale Alert, Ripple whales sacked 47 million coins today, September 30. As per the data, two whale addresses collectively made the massive accumulation. Data indicates that the unknown wallet address rB2uUZQCjo bagged 31 million XRP, worth $19.79 million, from the renowned crypto exchange Upbit.

Simultaneously, another unknown wallet address, r4186vVNuH, bagged 16 million coins, worth $10.31 million, from the same crypto exchange today. These colossal accumulations, underscoring increased investor confidence in the asset’s potential, have reverberated market optimism on future movements.

Meanwhile, pro-Ripple attorney Fred Rispoli recently took to X, revealing that the odds of seeing an SEC notice of appeal remains 60% in favor while 40% isn’t. The stakes are indeed high, Rispoli added, while the Ripple community eagerly awaits a final decision in the ongoing lawsuit. However, Ripple president Monica Long stands firm that the lawsuit has ended and that Ripple has attained significant regulatory clarity.

Ripple whales’ massive accumulations amid the ongoing market events sparked a tide of discussions across the broader market.

XRP Price Soars

Meanwhile, XRP price today traded at $0.6237 at press time, trading in the green for most of the day. The coin’s intraday low and high were recorded as $0.6239 and $0.6622, respectively.

Coinglass data indicated a 2.29% increase in Ripple’s native crypto’s futures OI to $973.37 million today. Further, the coin’s derivatives volume jumped 92% to $4.50 billion. This surge indicates that the coin currently rides bullish waves across the vast sea of crypto. Simultaneously, a recent XRP price analysis by CoinGape suggests that the token could also rally to $2 amid its recent bullish trajectory. Ripple whales accumulating heavily has added to the optimism on future price movements. Crypto market participants continue to extensively eye the token for potential gains ahead.