XRP whales have recently conducted substantial crypto transfers totaling 40 million coins as the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) concluded. Two significant transactions took place, with 20,800,000 XRP sent to Bitstamp and another 20,000,000 XRP moved from Upbit to an unidentified wallet.
These transactions occurred coinciding with Ripple’s legal victory, possibly reinstating confidence among major investors.
The movement of 40 million XRP post the Ripple vs. SEC lawsuit resolution signals noteworthy market activity. One transaction involved transferring 20,800,000 XRP valued around $12.1 million to Bitstamp. Meanwhile, WhaleAlert recorded a separate transfer of 20,000,000 XRP, equivalent to $11.7 million, from Upbit to an anonymous wallet, showcasing XRP whales reacting to the recent lawsuit outcome.
Market analysts have been observant of XRP’s performance after the lawsuit conclusion. Notably, analyst Dr. Magic highlighted a potential market shift, interpreting technical indicators and XRP whales’ movement. Furthermore, the analyst anticipated a bullish market shift supported by XRP’s chart patterns and market behavior.
In parallel, Analyst BitBoy emphasized the potential gains for XRP and other cryptocurrencies following these events, reflecting positive market sentiment and XRP’s resilience in recent price actions.
Looking ahead, excitement grows around Ripple’s ecosystem, particularly with Bitstamp’s derivatives exchange launch on the XRP Ledger in the pipeline. This move is expected to attract institutional investors into the Ripple network, enhancing market sentiment. Additionally, Robinhood’s decision to relist XRP post the lawsuit victory further increases accessibility for investors amid the ongoing movements by XRP whales.
As of the current writing, XRP is valued at $0.5723, posting an 8.01% increase over the past week and holding a market cap of approximately $32.27 billion, positioning it as the seventh largest digital asset.