The surge in whale activity is coming at a significant time in Ripple’s legal battle with the US Securities and Exchange Commission (SEC).
Hopes are so high within Ripple’s community that its native token, XRP XRP $2.08 24h volatility: 2.1% Market cap: $125.05 B Vol. 24h: $2.92 B , is not only seeing a surge in its value but also in investor confidence. This follows after the recent activities of large-scale investors known as “whales” came to light.
According to data being reported, these whales have accumulated over $177 million worth of the XRP token. This shows an increasing level of interest from the market, which usually translates to more investor optimism.
Ripple Whales Stack Up on XRP, Here’s Why
As popular blockchain tracker Whale Alert observed, two major transactions involving XRP took place on Monday, December 2.
A first wallet, whose owner is yet to be identified, acquired 50 million XRP tokens from the South Korean exchange Upbit at $116.5 million. The second transaction also involved a separate wallet. This wallet purchased 25.08 million XRP tokens from Binance, over two separate transactions worth $61.08 million in total.
Quite easily, one may conclude that these big accumulations are a result of the rising confidence that investors now have in XRP, particularly, in terms of the fact that it may be long overdue for a rally in the market.
Meanwhile, it might also be worth noting that the surge in whale activity is coming at a significant time in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC). Recent developments around the long-standing case suggest that Ripple Labs, the company behind XRP, may finally be nearing the end of the tunnel.
Ripple has been battling the SEC over whether to classify XRP as a security or not. However, the company’s fate appeared sealed under the previous SEC leadership.
With new hopes now rising with new leadership at the agency, it is a popular opinion among industry experts that there will be favorable outcomes for Ripple.
Adding to the optimism is the fact that Ripple also recently locked 770 million XRP tokens, worth around $1 billion, in escrow. This move has once again boosted the confidence of investors, as it tells them of Ripple’s commitment to maintaining market stability and ensuring long-term growth for the XRP token.
XRP Surges Past $2 amid Bullish Momentum
Expectedly, the recent events — on the legal and market scenes — have meant a notable price rally for XRP. As of this publication, XRP has soared to $2.33, marking a 23.9% gain in just 24 hours. Its weekly and monthly gains are equally as impressive, at 57.3% and 356%, respectively.
Notably, the stellar performance of XRP has now helped it become the third-largest cryptocurrency through market capitalization after displacing Solana and Tether.
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