Continuously rising prices of Ripple 
$2‘s XRP coin have drawn attention, as a major investor has made a significant purchase of tokens in the crypto market. Recent on-chain data reveals that this investor has accumulated 120 million coins from a leading crypto exchange.
Investors Gain Confidence in XRP
According to Whale Alert data, as of November 30, a large investor in the crypto market obtained approximately $228.71 million worth of XRP by collecting 120 million coins from Bithumb exchange. This substantial acquisition has bolstered optimism regarding the cryptocurrency‘s future, sustaining market interest in the asset.
As reported by CoinGape Media, the ongoing lawsuit against the U.S. SEC may conclude under the new SEC leadership. The departure of SEC Chairman Gary Gensler and the potential election victory of pro-crypto Donald Trump could positively impact market expectations surrounding the XRP case. Lawyers Bill Morgan, Fred Rispoli, and Jeremy Hogan indicated a high likelihood of appeal denials, suggesting the case may soon be dismissed.
Market Value Continues to Rise
XRP’s price surged to $1.95 with a 20% increase over a 24-hour period, currently hovering around $1.88. Weekly and monthly charts show remarkable increases of 22% and 260%, respectively. This upward trend is supported by legal developments and increasing large-scale investments.
According to Coinglass data, XRP’s open positions in futures trading rose by 20%, reaching $3.22 billion. Additionally, derivative volume saw a 127% increase, climbing to $25.65 billion. These figures indicate growing investor interest in the asset.
XRP price analysis from CoinGape Media suggests that the token has the potential for further growth as it breaks through a five-year resistance level in market dominance. Market observers anticipate that XRP will continue to appreciate, especially with upcoming developments like the RLUSD launch.
- A major investor acquired 120 million XRP tokens.
- Legal developments increased confidence in XRP.
- Market data indicates a continued rise in XRP’s value.
