XRP News: Whales Buy 48 Million XRP Following Ripple Lawsuit Developments

The whale has accumulated over 48 million XRP and is anticipating upward momentum during the market recovery. Additionally, a restraining order issued by Judge Phyllis Hamilton in the Ripple lawsuit and a deadline set for further resolution also boosted market sentiment.

XRP’s recent legal developments have sparked interest among market participants. The case of Zhakinov v. Ripple Labs was brought before District Judge Robert Illman for decision.

Notably, Judge Hamilton upheld Judge Torres’ summary judgment on the programmatic sale, holding that XRP was not a security.

Following the court order, whales bought XRP in large quantities. According to data from Whale Alert, the two whales purchased a total of 48.13 million XRP from Binance, worth approximately $28.3 million.

XRP price rises

At the time of writing, XRP price is up 8.90% and trading at $0.5941. The lowest and highest prices in the 24 hours were $0.5478 and $0.6038 respectively.

CoinGape Media analysis shows that the cryptocurrency is heading towards the $1 target with significant growth in XRP Ledger (XRPL). The RSI consolidates the bullish sentiment and is hovering at the 66 level. This paves the way for further purchases.

According to the data, XRP’s futures OI increased by 7.77% to $804.11 million, and derivatives trading volume increased by 1.38% to $3.71 billion. These data indicate an upward trend in the market for this digital asset.

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