Ripple Whales Accumulate $177 Million in XRP Amid Legal Developments
Ripple's community is experiencing heightened optimism as its native token, XRP, sees a surge in value and investor confidence. This follows significant accumulation by large-scale investors, known as "whales."
Ripple Whales Accumulate XRP
Data shows whales have gathered over $177 million worth of XRP, indicating increased market interest and investor optimism.
Blockchain tracker Whale Alert reported two major transactions on December 2. One unidentified wallet acquired 50 million XRP from the South Korean exchange Upbit for $116.5 million. Another wallet purchased 25.08 million XRP from Binance across two transactions totaling $61.08 million.
This accumulation suggests rising confidence in XRP, with expectations of a market rally. Additionally, the surge in whale activity coincides with Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), where recent developments point toward a potential favorable outcome for Ripple Labs.
Ripple has faced scrutiny over whether XRP should be classified as a security, but industry experts believe new SEC leadership may lead to positive results for Ripple.
Furthermore, Ripple recently locked 770 million XRP tokens worth approximately $1 billion in escrow, reinforcing investor confidence in the company's commitment to market stability and long-term growth for XRP.
XRP Price Rally
As a result of these developments, XRP has experienced a notable price rally, now trading at $2.33, representing a 23.9% increase in 24 hours. Its weekly and monthly gains are 57.3% and 356%, respectively.
XRP's strong performance has positioned it as the third-largest cryptocurrency by market capitalization, surpassing Solana and Tether.