A notable Ripple whale has purchased 60 million XRP today. This moves comes amid XRP price’s impeccable rally as the token clocked a phenomenal gain of over 426% in a month. The latest accumulation has fueled hopes of a surge to the $3 mark soon.
Latest Ripple Whale Movement & XRP’s Legal Saga
According to Whale Alert, a Ripple whale snapped up 60 million XRP, valued at approximately $159.50 million, from the South Korean exchange Upbit. This significant acquisition comes amid a strong bullish surge in XRP, which recently surpassed the $2 mark and is now eyeing the $3 threshold.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 60,000,000 #XRP (159,509,842 USD) transferred from #Upbit to unknown wallethttps://t.co/xWBTtPXj7L
— Whale Alert (@whale_alert) December 2, 2024
Moreover, the market has turned significantly optimistic as the leading asset manager, WisdomTree, filed for a spot XRP ETF with the U.S. Securities and Exchange Commission (SEC) today. In addition, the approval odds for the four XRP spot ETFs has surged ever since SEC Chair Gary Gensler has announced his resignation.
The win of Donald Trump in the 2024 elections was the starting point of the renewed hope as the new SEC administration is expected to be crypto-friendly. Thus, netizens expect the agency to drop its appeal against Ripple and approve the XRP ETFs sooner than expected.
What’s Next for XRP Price?
XRP price has experienced a remarkable rally in the last 30 days, fueled by favorable market developments and growing optimism. Today, the crypto hit a six-year high of $2.79. The token is trading at around $2.68 at the time of publication, reflecting a staggering 31% gain in the past 24 hours. ChiefraT, a crypto analyst on X (formerly Twitter), has projected that XRP could reach $2.84 as it maintains its upward trajectory.
Adding to the momentum, Raoul Pal, a well-known crypto analyst, has emphasized XRP’s promising technical setup. Pal highlighted that the last breakout from a long wedge pattern led to a meteoric 5,600% surge. While he acknowledged that a similar rally is improbable, he suggested that XRP could still witness substantial gains. The psychological $3 level is seen as the next major milestone for the token.
