Ripple whales acquired nearly $180M in XRP as the coin surpassed $2, signaling potential gains amid ongoing lawsuit developments.
The actions of Ripple whales to amass about $180 million worth of tokens have stoked investor optimism worldwide throughout the recent, extremely strong XRP market.
A bull run in its native token was spurred by legal achievements in favor of the American blockchain payments company, which is reflected in recent data that shows a significant accumulation trend.
Notably, the native coin sees impressive gains as the litigation against the U.S. SEC approaches its possible conclusion, establishing a position as the third-largest cryptocurrency by market capitalization.
Amid Developments Of Lawsuit, Ripple Whales Accumulate Heavily
The recent purchase by Ripple Whales has highlighted a resurgence of market interest in the asset, which has been further supported by legal advancements.
On December 2, Whale Alert data showed that several accumulations took place during the day.
The wallet address r32…yLn received 50 million coins, valued at $116.50 million, from the cryptocurrency exchange Upbit, according to the Whale data.
Additionally, it was noted that the whale address “rfQ…Cvi” had acquired 25.08 million tokens, or $61.08 million, from the massive cryptocurrency market Binance through two transactions.
When taken as a whole, these significant purchases demonstrated increased market interest in the asset and gave investors hope that greater profits would soon follow.
However, market sentiments for its native cryptocurrency remain positive as the American blockchain payments startup looks to resolve the XRP litigation, mostly due to the new SEC under Donald Trump’s presidency.
Attorneys Bill Morgan, Fred Rispoli, and Jeremy Hogan also declared that the appeals would probably be withdrawn or dismissed in the case, according to CoinGape Media.
All things considered, the XRP whale trades throughout these legal wranglings have generated a great deal of optimism about the asset among industry players worldwide.
It’s also important to remember that Whale Alert data revealed that Ripple Whales had locked 770 million tokens, valued at around $1 billion, in escrow.
The blockchain company’s action has increased investor interest in the cryptocurrency.
XRP Soars Above $2
The price of XRP had risen by almost 29% intraday to $2.39 at the time of publication.
The coin’s 24-hour high was $2.49, and its 24-hour low was $1.87. Interestingly, the asset’s weekly and monthly price charts highlighted gains of 63% and 367 percent, respectively.
All things considered, this growing trend has mirrored significant market optimism for cryptocurrencies, which has been reinforced by significant Ripple whale movements and legal advancements.
It’s also important to note that during its surge beyond $2, XRP surpassed both Solana and USDT to take the third-largest cryptocurrency by market capitalization.
Amid a strong Q4 cryptocurrency market and rising accumulations, this bullish momentum has further solidified investors’ optimism regarding future moves.