XRP Whales Buy Up 100M Worth of XRP as Ripple Battles SEC in Court

The recent on-chain data shows that XRP whales have acquired nearly 110 million coins in recent transactions, with the price of XRP surpassing the $0.53 mark. Notably, significant accumulation occurred through transactions from Binance to wallet addresses “rhWj…LQkK,” “rfQ9…8Cvi,” and “rarG…bZKk.”

Despite the accumulation, a notable selloff involved a whale selling around 28 million XRP to Bitstamp, prompting concerns among investors. However, the overall market sentiment appears to be improving amid rumors of a potential settlement in the Ripple Vs. SEC lawsuit.

Rumors suggest that Ripple and the SEC could be approaching a settlement, with market attention drawn to the U.S. SEC’s closed-door meeting scheduled for July 18. Speculation is rife that this meeting could lead to a potential resolution in the Ripple lawsuit.

Additionally, the recent bullish market sentiment was influenced by Judge Torres ruling that XRP is not a security on July 13, 2023, which Ripple executives celebrated this year. The price of XRP surged over the weekend, with market analysts providing optimistic forecasts. Dark Defender, a prominent crypto expert, highlighted the potential for XRP to rise to $0.6044 and even $0.6649, given the current market momentum.

As of the time of writing, the price of XRP stood at $0.5328, with a one-day high of $0.5396. However, the one-day trading volume experienced a 42% decline to $1.53 billion after a significant surge over the weekend.

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Kayode Oke Michael

Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.

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