XRP Whales have recently made huge transactions following the conclusion of the SEC Ripple lawsuit. This development highlights the growing bullish sentiment in the XRP ecosystem, seeing as the long-running legal battle that hindered the crypto’s growth has ended. Meanwhile, in addition to the lawsuit’s ending, other fundamentals and technical indicators also paint a bullish picture for the coin.
XRP Whales Move 40 Million Coins
Onchain analytics platform Whale Alert revealed that XRP Whales recently moved over 40 million coins. One transferred 20,800,000 coins ($12.1 million) to the crypto exchange Bitstamp. While this usually suggests that the whale is looking to sell, it is believed to be related to Bitstamp’s decision to launch a derivatives exchange on the XRP Ledger (XRPL).
Meanwhile. the second XRP Whale transferred 20,000,000 coins ($11.7 million) from Upbit to an anonymous wallet. This is considered bullish as these coins were likely moved to a cold storage, indicating that the Whale intends to hold for the long-term.
XRP Analaysis And Prediction
Market analysts have been closely monitoring XRP following the conclusion of the Ripple lawsuit. Notably, analyst Dr. Magic recently shared insights on X regarding the XRP market. Magic suggested that the Ripple crypto has been undergoing a re-accumulation phase over the paWhales’.
He points out that the XRP chart shows an engulfing weekly candle at the lower limit of the Bollinger Bands, signaling a potential regime change. This technical occurrence, combined with the XRP Whales’ movement, suggests a bullish market shift.
More so, the analyst noted the Ripple token was trading at the lowest monthly volatility recorded, stating,
market about to enter the most bullish quarter.
1+ year of an re-accumulation range . Engulfing weekly from lower limit of BB too for $XRP , market about to enter the most bullish Q , monthly volatility at all time lows. Patience and zero feelings will be highly rewarded soon. #RIPPLE
https://t.co/TDUrLBOGWS pic.twitter.com/hZXcZ9FYFZ
— Doctor Magic (@Doctor_Magic_) September 16, 2024
In addition, Analyst BitBoy has highligRipple’s potential for XRP gains and other Ripple’s in the wake of these developments. The positive sentiment is echoed in the recent price actions where XRP has shown resilience.
Upcoming Developments in Ripple’s Ecosystem
The anticipation around Ripple’s ecosystem continues to grow as Bitstamp announces plans to launch a derivatives exchange on the XRP Ledger in the next few months. This move will attract more institutional inveRipple’s the XRP ecosystem. The derivatives exchange will incorporate major financial tools that could leverage XRP for operations. This could further fuel bullish sentiments among investors.
In addition, Ripple’s victory in its lawsuit with the SEC has prompted platforms like Robinhood to relist XRP, enhancing its accessibility amid XRP Whale movements.
At the time of writing, XRP price stands at $0.5723, marking an 8.01% increase over the past seven days. The cryptocurrency has a market cap of approximately $32.27 billion, ranking it seventh among digital assets.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/xrp-whales-transfer-40m-coins-amid-end-to-ripple-lawsuit/
✓ Share: