XRP has been making waves in the crypto industry today with its massive price rally and some huge developments. Seeing this momentum, whales have started a massive buying spree as they anticipate further gains from the XRP price. It is likely that XRP has entered a strong bull run, which is supported by these large holders.
Tracking service Whale Alert has disclosed the latest XRP purchase from a major whale. It was revealed that 60 million XRP were withdrawn from the prominent South Korean exchange Upbit. Worth around $36.8 million as per the current price levels, these XRP coins were transferred to an unknown wallet, probably the whale’s private wallet.
🚨 🚨 60,000,000 #XRP (36,843,829 USD) transferred from #Upbit to unknown wallethttps://t.co/HpmBJdi3Ig
— Whale Alert (@whale_alert) August 8, 2024
XRP price goes bullish
The XRP purchase is a crucial development as it reflects the bullish sentiment among large holders. This buying spree is expected to benefit the coin, which is already surging in terms of its price. As of writing this story, XRP is trading at $0.617 after a huge surge of 19.26% in the last 24 hours. The coin has soared 42.15% over the past month, which just shows the intensity of this bull run.
In addition, the 24 hour trading volume of XRP has surged 264.20% to $5.38 billion. This rising trading activity further indicates the optimistic sentiment among traders. XRP is outplaying the broader market with its massive rally, and it is one of the reasons behind this massive surge in trading activity.
Big win for Ripple boosts XRP price
However, XRP whales are expecting more gains after a huge development for Ripple, the company associated with XRP. As previously reported by U.Today, the four-year legal battle between Ripple and the SEC has finally come to an end. Judge Torres gave the ruling that Ripple should pay only $125 million in civil penalties.
Notably, the SEC had demanded almost $2 billion in fines. The SEC’s request of Ripple disgorging its profits from sales was also refuted by the Judge. The community is considering it a big win for Ripple. In fact, Ripple CEO Brad Garlinghouse also celebrated this victory. This ruling has injected further momentum in the XRP price, and it is likely that it will sustain in the coming days.
