Ripple whales purchased approximately $180 million worth of coins following XRP’s recent breaking of the $2 mark, signaling that further gains are on the way as legal events unfold.
In the midst of a lately buoyant XRP market, Ripple whales’ actions to collect roughly $180 million in tokens have sparked worldwide investor euphoria. Recent data shows a significant accumulation tendency as the American blockchain payments corporation experienced legal advances in its favor, resulting in a bull run in its native token. Notably, as the litigation against the United States Securities and Exchange Commission approaches a probable resolution, the native coin experiences significant growth, establishing a position as the third biggest cryptocurrency by market capitalization.
Ripple whales accumulate heavily amid lawsuit developments
Ripple whales’ recent purchases have sparked increased market interest in the commodity, which has been bolstered by legal developments. On December 2, Whale Alert data showed that a series of accumulations occurred intraday.
According to the whale data, the wallet address r32…yLn received 50 million coins worth $116.50 million from the cryptocurrency exchange Upbit. The whale address “rfQ…Cvi” acquired 25.08 million tokens worth $61.08 million from Binance in two transactions. Collectively, these large buying transactions demonstrated heightened market interest in the asset, fueling investor optimism about future gains.
On the other hand, with the American blockchain payments corporation seeking a probable settlement of the XRP litigation, owing largely to the new SEC under Donald Trump’s administration, market sentiment for its native cryptocurrency remains strong. According to research, attorneys Bill Morgan, Fred Rispoli, and Jeremy Hogan have stated that the appeals in the litigation would most likely be dismissed or withdrawn.
Overall, the XRP whale trades and legal tactics have sparked widespread confidence in the asset among industry players worldwide. Meanwhile, Whale Alert data revealed that Ripple was holding 770 million currencies worth roughly $1 billion in escrow. This action by the blockchain corporation has increased investor interest in the cryptocurrency.
XRP soars past $2 mark
At the time of publication, the XRP price has risen about 29% intraday to $2.39. The coin’s 24-hour low and peak prices were $1.87 and $2.49, respectively. Notably, the weekly and monthly price charts for the asset showed increases of 63% and 367%, respectively. Overall, this growing movement reflects significant market optimism for cryptocurrency, which has been bolstered by big Ripple whale moves and legal developments.
It’s also worth noting that XRP surpassed Solana and USDT to become the third biggest cryptocurrency by market capitalization during its bull run, which reached $2. This positive momentum has strengthened investors’ confidence in future moves, amidst a strong Q4 crypto market and boosted accumulations.
Japan crypto exchange DMM Bitcoin is set to liquidate
DMM Bitcoin, which experienced a private key attack in May that resulted in a $320 million loss in Bitcoin, is discontinuing attempts to improve operations.
DMM Bitcoin, a Japanese cryptocurrency exchange, is preparing to liquidate after losing $320 million in Bitcoin in a private key attack in May, from which it has been unable to recoup.
The cryptocurrency exchange is discontinuing attempts to overhaul operations and plans to transfer customer funds to SBI VC Trade, an exchange operator inside the SBI Group, in March, according to Nikkei Asia, which originally reported on December 2.
According to a translation of a statement posted on December 2, the two firms have reached a fundamental understanding that SBI will accept the transfer of all accounts and deposit assets.
“Under this agreement, customer deposit assets (in Japanese yen and crypto assets) in accounts opened on DMM Bitcoin will be transferred to us as soon as March 2025,” it read. SBI VC Trade will also handle the transfer of crypto stocks held on DMM Bitcoin, it added.
$320M stolen in May hack
DMM Bitcoin was hacked on May 30 via a server breach and private key attack, which the firm described as a “unauthorized leak,” resulting in the loss of more than 4,500 Bitcoin (BTC) from one wallet.
As it froze withdrawals, new account openings, and trading, the company promised that all customer deposits would be “fully guaranteed.”
DMM exchange also informed clients that it will “procure the equivalent amount of BTC” to ensure that all consumers were reimbursed, with monies obtained “with support from our group companies.”
DMM suffered the region’s second-largest loss, following the $530 million Coincheck theft in 2018.
In July, blockchain detective ZachXBT revealed that about $35 million of the stolen cryptocurrency had been laundered through the online marketplace and crypto fraud hotspot Huione Guarantee.
1/4 So far in July 2024 more than $35M from the $305M DMM Bitcoin hack has been laundered to the online marketplace Huione Guarantee
It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off chain indicators. pic.twitter.com/g1ndlttBll
— ZachXBT (@zachxbt) July 14, 2024
“It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and offchain indicators,” he said at the time.
The Japanese e-commerce firm DMM Group owns the DMM exchange, which was created in January 2018.
DMM Crypto stated in November that it was terminating the Seamoon Protocol. The Seamoon Portal was a Web3 gaming and multimedia website that hosted games and anime created by the exchange’s parent company, DMM.com.
DMM Crypto collaborated with the stablecoin platform Progmat to create its own stablecoin to improve the ecosystem. However, according to a translation of a statement from the time, the firm blamed “recent rapid changes in the business environment” that have posed obstacles to the project’s viability.
In 2024, there have been several centralized exchange hacks. The Indian WazirX exchange was hacked for $235 million in July, while the Singaporean BingX exchange was attacked for $52 million in September. In June, an exploit of the Turkish BtcTurk hot wallet resulted in losses of up to $55 million.
Peter Brandt hints at Litecoin price rally to $420 mirroring XRP’s path
Peter Brandt predicts a Litecoin price increase to $420, mimicking XRP’s recent surge, citing renewed market confidence and high trading volume.
Veteran trader Peter Brandt recently ignited market euphoria with a social media tweet predicting a Litecoin price surge to $420. Notably, this comes as the LTC cryptocurrency has surged by roughly 21% today, with volume rising, showing high market confidence. Furthermore, Brandt piqued investors’ interest, implying that the cryptocurrency may follow XRP’s strong climb in the next days.
Peter Brandt hints at Litecoin price rally to $420
Litecoin’s price has lately surged by more than 21%, while trading volume has also increased dramatically. Notably, this increase coincides with heightened investor interest in the digital asset industry, particularly following Donald Trump’s election victory.
Furthermore, the departure of US SEC Chair Gary Gensler has added to the market’s optimistic attitude. Having said that, many in the crypto world believe that the top cryptocurrencies will continue to grow alongside Bitcoin.
However, the prospect of a Litecoin ETF approval in the United States has piqued traders’ curiosity. Against this backdrop, leading crypto market specialist and seasoned trader Peter Brandt has generated market discussion.
In a recent X post, Brandt shared an LTC price chart, which indicates that the crypto could hit $420 in the near term. In addition, the expert said “Can LTC pull another XRP????” while sharing the chart, which has further fueled sentiment.
Can $LTC pull another $XRP???? pic.twitter.com/kSgY0ATfMU
— Peter Brandt (@PeterLBrandt) December 2, 2024
Notably, the XRP price has skyrocketed recently, surpassing the $2 barrier. Furthermore, it eclipsed the market capitalizations of Solana and USDT, encouraging market optimism. Having said that, Peter Brandt’s comparison between LTC and XRP sparked market debates.
LTC price rallies
Today, Litecoin (LTC) traded at $122.63, up more than 21%, and its one-day trading volume increased by 263% to $2.92 billion. Notably, the cryptocurrency reached a 24-hour high of $129.18. Furthermore, CoinGlass data indicated that Litecoin Futures Open Interest increased 37% to $620.31 million, indicating a high market interest in the cryptocurrency.
Amid this, Peter Brandt’s post has fueled conjecture about more cryptocurrency price increases. Furthermore, it comes as analysts remain optimistic about the altcoin industry, citing the prospect of pro-crypto legislation in the United States under President Donald Trump.
Furthermore, the cryptocurrency has gained popularity after rebranding itself as a joke coin recently. Notably, the top meme currencies have seen large gains, as demonstrated by the rallies in Dogecoin, Shiba Inu, and others. In addition, LTC’s rebranding as a meme coin has spurred market debates.
