LONDON - In the wake of a robust cryptocurrency market rally led by Bitcoin's surge past $41,000, Ripple Labs has been part of a significant XRP transaction, with Whale Alert tracking 24.2 million XRP worth $14.9 million sent to the Bitstamp exchange. This movement occurred in the last 24 hours, coinciding with a notable 4.45% rise in XRP's value from $0.61269 to $0.63999 on Saturday.
The cryptocurrency market has been buoyed by regulatory expectations and market forces, including speculation about an upcoming Bitcoin spot ETF and potential Federal Reserve interest rate reductions next year.
Ripple's ongoing legal challenges with the SEC have not dampened investor interest in XRP. The community remains optimistic about a favorable resolution to the SEC vs Ripple Labs case, which could further strengthen XRP’s market position.
Additional support for XRP's valuation comes from recent developments such as Zodia Custody’s entry into the Ripple-owned Metaco network for institutional-grade custody services, backed by the UK's Financial Conduct Authority (FCA). This move is expected to bolster investor confidence in XRP.
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