Whales Buy 48M After In re Ripple Lawsuit Developments

XRP News: Ripple Labs-backed crypto has once again raised eyebrows across the broader market. Whales accumulated more than 48 million XRP anticipating upside momentum amid the market recovery. Also, a stipulation order by Judge Phyllis Hamilton in the In re Ripple Lawsuit and deadlines set for further resolution have boosted positive sentiments.

Let’s look at the recent developments surrounding Ripple’s cryptocurrency that have ignited a tidal wave of speculation among market participants.

XRP News: 48M Coins Purchased Amid Legal Developments

Notably, Judge Phyllis Hamilton recently rolled out a July 26 deadline for the parties to file a notice revealing whether they seek to continue the exclusion of four experts’ testimony. Simultaneously, the Zakinov vs. Ripple Labs case was referred to Magistrate Judge Robert Illman for resolution.

It’s worth noting that Judge Hamilton sided with Judge Torres’ summary judgment on the programmatic sales, deeming the asset not a security. In the wake of this court order, whales have taken action to heavily hoard Ripple’s crypto.

As per insights revealed by the tracker Whale Alert, two whales collectively bagged 48.13 million coins from Binance today. The whale wallet address rfQ9EcLkU6 bagged 24.29 million coins, worth $14.52 million, whereas the address rarG6 bought 23.84 million coins, worth $13.77 million, from the mentioned exchange.

However, it’s worth mentioning that Judge Analisa Torres’ final judgment still looms, with the crypto community expecting positive XRP news with Ripple’s lawsuit’s conclusion. Meanwhile, the coin soared remarkably in tandem with the buying pressure brought by the abovementioned transactions.

Also Read: SEC Cancels Meeting Rumored On Ripple Settlement & Injunction, XRP Falls 13%

XRP Price Rallies

As of writing, XRP price saw a significant 8.90% uptick in value to trade at $0.5941. Its 24-hour bottoms and tops were recorded as $0.5478 and $0.6038, respectively.

A recent XRP price analysis by CoinGape Media shows that the crypto is paving a path toward the wave three target of $1 amid remarkable growth witnessed within the XRP Ledger (XRPL). Moreover, the RSI solidified bullishness on the coin, hovering at the 66 level. This paves the way for further buying, serving as optimistic XRP news amid recent legal developments and the coin’s rising price action.

Coinglass data indicated a 7.77% increase in the coin’s futures OI to $804.11 million, further accompanied by a derivatives volume upswing of 1.38% to $3.71 billion. Coupled with the price upswing, this data hinted at a market uptrend for the digital asset at press time.

Also Read: Ripple XRP Case Update: Lawyer Dismisses SEC Meeting And Settlement Link

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