XRP’s price saw a 4.33% surge in 24 hours, fueled by both massive whale accumulation and positive market sentiment surrounding the SEC’s appeal to delay deadlines in the ongoing lawsuit. 
Large XRP transactions, including a 300 million XRP accumulation and a 24 million XRP dump, showcased active movement of the token.

XRP, the cryptocurrency backed by Ripple Labs, has reignited interest among market participants, experiencing a significant price surge and notable whale activity. This comes as news of the U.S. SEC appealing to delay deadlines in the ongoing lawsuit against Ripple surfaces.

Whale Activity Signals Movement, But Impact Varies

Data from Whale Alert revealed noteworthy XRP transactions, showcasing both accumulation and distribution. One transaction involved the movement of 300 million XRP, valued at $167.7 million, from Binance, likely impacting the circulating supply. This accumulation was followed by a separate transfer of 24.05 million XRP, worth $14.07 million, to Bitstamp, potentially undertaken by a known XRP whale. Interestingly, this whale has a history of selling XRP to Bitstamp and Bitso, potentially coinciding with Ripple’s recent investments in these exchanges.

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Positive Market Response Despite Dumping

The massive whale accumulation appears to have had a more substantial influence on XRP’s price compared to the later dump. As of writing, XRP is up 4.33% in the past 24 hours, trading at $0.5796. This surge is accompanied by a 4.31% increase in market cap and a significant 66.28% jump in trading volume. This upward momentum is further supported by a 7.13% rise in open interest and a 67.12% increase in volume in XRP’s derivatives market.

SEC Appeal and Bullish Sentiment

The SEC’s appeal to delay deadlines in the ongoing lawsuit may also be contributing to the positive sentiment surrounding XRP. This backtracking from the SEC might be interpreted as a potential turning point in the case, encouraging bullish sentiments among XRP holders and the broader crypto market.

Conclusion

XRP’s recent price surge highlights the ongoing interplay between large-scale transactions, market sentiment, and legal developments in the cryptocurrency industry. While the long-term trajectory of XRP remains uncertain, the current scenario reflects a period of increased activity and optimism for the Ripple-backed token.