XRP whales, Ripple $0.572808 Labs and the US Securities and Exchange Commission (SEC) simultaneously transferred a total of 40 million coins, ending the legal battle between the two.
XRP Whales Transactions and Details
These transactions created significant movement in the crypto market. First, 20,800,000 XRP (worth around $12.1 million) was transferred to the Bitstamp exchange. In another transaction, 20,000,000 XRP (worth around $11.7 million) was transferred from Upbit to an unknown wallet.
These large-scale transfers may indicate a renewed confidence among major investors following Ripple’s legal victory.
Market Reaction and Analysts’ Forecasts
Analysts have been closely monitoring XRP following the conclusion of the lawsuit. The analyst known by the pseudonym Dr. Magic noted that XRP has been in a reaccumulation phase over the past year. He stated that the XRP chart shows a strong weekly candle at the lower border of the Bollinger Bands, indicating a potential trend change.
Dr. Magic: “Patience and callousness will soon be amply rewarded.”
He also emphasized that the market is about to enter the fourth quarter, when bullish sentiment is at its most intense, and monthly volatility is at an all-time low. These technical indicators and whale movements point to the market’s bullish potential.
In light of these developments, analyst BitBoy draws attention to the potential earning opportunities in XRP and other altcoins.
Upcoming Developments in the Ripple Ecosystem
Expectations for the Ripple ecosystem are rising after Bitstamp announced plans to launch a derivatives exchange on the XRP Ledger in the coming months. This move is expected to attract more institutional investors to the Ripple network. The derivatives exchange will include major financial instruments that use XRP in their operations, which could increase investor interest.
Additionally, Ripple’s victory in its lawsuit with the SEC led platforms like Robinhood to relist XRP, further increasing its accessibility. At the time of writing, XRP’s price is at $0.5723, an increase of 8.01% in the last seven days. The cryptocurrency’s market cap is around $32.27 billion, ranking it seventh among digital assets.
The end of Ripple’s legal battle does not mean the end of the process yet. The SEC will likely appeal the decision, especially the secondary market sales, before the appeal deadline in the first week of October. Nevertheless, the large-scale transfers by whales and the bullish forecasts of analysts indicate that investors are increasingly interested in XRP. In the coming period, the increasing institutional interest in innovations in the Ripple ecosystem (especially through Grayscale’s new XRP Trust channel) could further affect XRP’s market performance.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
