XRP whales transferred a total of 40 million coins simultaneously with the end of the legal battle between Ripple 
$0.696221 Labs and the U.S. Securities and Exchange Commission (SEC). This significant movement of coins has stirred considerable activity in the cryptocurrency market, reflecting the growing confidence among major investors.
Details of XRP Whale Transactions
In a notable transaction, 20,800,000 XRP (approximately 12.1 million dollars) was transferred to the Bitstamp exchange. In another transaction, 20,000,000 XRP (around 11.7 million dollars) was sent from Upbit to an unknown wallet. These large-scale transfers suggest that the legal victory of Ripple has reinstated confidence among major investors.
Market Response and Analysts’ Predictions
Analysts have been closely monitoring XRP following the conclusion of the case. An analyst known as Dr. Magic indicated that XRP has been in a reaccumulation phase over the past year. He noted that XRP’s chart showed a strong weekly candle at the lower band of the Bollinger Bands, which may indicate a potential trend shift.
Dr. Magic: “Patience and emotionless trading will soon be greatly rewarded.”
He also emphasized that the market is entering the fourth quarter, where bullish sentiment is at its peak, and monthly volatility is at an all-time low. These technical indicators and movements by whales point to the market’s upward potential.
Analyst BitBoy highlighted the potential profit opportunities in XRP and other altcoins in light of these developments.
Upcoming Developments in the Ripple Ecosystem
Expectations for the Ripple ecosystem are rising with Bitstamp’s announcement of plans to launch a derivatives exchange on the XRP Ledger in the coming months. This step is expected to attract more institutional investors to the Ripple network. The derivatives exchange will include major financial instruments utilizing XRP, which could heighten investor interest.
Moreover, Ripple’s legal victory has led to platforms like Robinhood relisting XRP, increasing its accessibility. As of the time of writing, the price of XRP stands at $0.5723, marking an increase of 8.01% in the past week. The cryptocurrency has a market cap of approximately $32.27 billion, ranking seventh among digital assets.
The conclusion of Ripple’s legal battle does not mean the process is entirely finished. The SEC is likely to appeal the decision regarding secondary market sales before the deadline in early October. Nevertheless, the large transfers by whales and analysts’ bullish predictions indicate a growing interest in XRP among investors. In the near future, innovations within the Ripple ecosystem, especially with Grayscale’s new XRP Trust channel, may further influence XRP’s market performance.
