Optimism Around Ripple Lawsuit; Whales Accumulating XRP 

Ripple Lawsuit

The SEC vs Ripple lawsuit has been under development for quite long now. However, the case seems to come to an end very soon. Crypto community and XRP supporters anticipate the lawsuit is to end up following the decision in favor of Ripple Labs. The optimism around Ripple winning the lawsuit resulted in an impressive jump in XRP price in the past several days. 

Following the positive sentiments with Ripple lawsuit, native asset of Ripple network—XRP token—successfully managed to go upto 0.501 USD. Additionally, given the significant growth, the crypto asset even beat Binance USD stablecoin in terms of market cap and took its position becoming the sixth largest crypto asset within the crypto space. 

Amidst the development going around the SEC vs Ripple lawsuit, a huge amount of XRP reported to move across whale accounts. According to a prominent real time blockchain transactions data provider, Whale Alert, several XRP whale accounts were seen to move crypto assets worth more than 130 million USD.

During last weekend, in just two days, there were six transactions initiated through whale accounts. Overall 263 XRP tokens were reported to transfer across the accounts. 

On 24th September, 2022, Whale Alert reported the series of transactions on its official Twitter handle. It reported a transaction of 40 million XRP tokens worth 19.76 million USD at the time of writing. The transfer was initiated from an unknown wallet and sent to a Bitso wallet. 

Similarly transactions of 60 million XRP from an unknown wallet to Bitstamp, over 54 million XRP from Bitstamp to an unknown wallet, 25 million XRP tokens from an unknown wallet to Bitstamp, 30 million tokens from Bitstamp to an unknown wallet and 54.1 million XRP tokens transferred from Bitso to an unknown wallet. 

Famous blockchain analytics firm Santiment echoes the general thinking around the XRP that the restored optimism of crypto enthusiasts for Ripple following its lawsuit with SEC is a potential reason for XRP’s recent upsurge. 

Currently, XRP is trading at 0.474 USD with 25% growth in the last seven days. 

Source: https://www.thecoinrepublic.com/2022/09/27/optimism-around-ripple-lawsuit-whales-accumulating-xrp/