The crypto community was taken aback by a massive surge in XRP whale activity, marked by a significant 60 million XRP withdrawal from a major exchange. This withdrawal underscores the growing bullish sentiment among large holders of XRP.
Major XRP Withdrawal
Tracking service Whale Alert recently reported that a whale withdrew 60 million XRP from the South Korean exchange Upbit. This transaction, valued at approximately $36.8 million, saw the XRP transferred to an unknown wallet, likely the whale’s private wallet. Such large movements often indicate strategic positioning by major players, anticipating significant market shifts.
Bullish Sentiment for XRP
The large-scale purchase and withdrawal of XRP are seen as strong indicators of a bullish outlook among large investors. As of this writing, XRP is trading at $0.617, having surged by 19.26% in the last 24 hours and 42.15% over the past month. This rally has also been accompanied by a substantial increase in trading volume, which rose by 264.20% to $5.38 billion, reflecting heightened trader interest and activity.
Ripple’s Legal Victory Boosts Confidence
The positive sentiment among XRP holders is further bolstered by Ripple’s recent legal victory against the SEC. After a prolonged four-year legal battle, a judge ruled that Ripple should pay $125 million in civil penalties, significantly less than the almost $2 billion originally demanded by the SEC. This favorable ruling has been celebrated as a major win for Ripple, injecting further momentum into XRP’s price surge.
Market Implications
The recent activities signal a robust bullish trend for XRP, driven by both market sentiment and Ripple’s legal successes. As the crypto market continues to evolve, such developments are closely watched by investors and analysts alike.
Disclaimer:
The information provided on CoinsLately is for informational and educational purposes only. CoinsLately does not provide investment, financial, or legal advice. The content on this site represents the opinions and views of the authors and should not be considered professional financial advice.
Cryptocurrency investments are highly speculative and involve substantial risk. You should conduct your research and consult a qualified financial advisor before making any investment decisions. CoinsLately and its authors are not responsible for any financial losses or damages incurred due to the information provided on this site.
