XRP Massive Purchase by Whales Ahead of Final SEC Ruling on Ripple Case
In the past 24 hours, significant XRP transactions have taken place, indicating substantial activity by cryptocurrency whales. On Tuesday, July 23, XRP whales acquired over 74 million XRP tokens. This accumulation is particularly noteworthy as the Ripple vs. SEC case approaches its final remedies ruling.
XRP Whale Activity
The latest transaction, identified by Whale Alert, involved the acquisition of a massive 26.42 million XRP valued at $16.02 million, transferred from Binance to an undisclosed wallet. Furthermore, another transaction saw an XRP whale amassing 23.65 million XRP, equivalent to approximately $14.07 million, also from Binance.
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Additionally, a separate whale acquired 23.95 million XRP, valued at $14.72 million, from Binance. Over the past week, whales have purchased over 140 million XRP, totaling approximately $84 million. This surge in buying activity reflects heightened interest in XRP as the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) reaches a critical juncture.
The whale accumulation suggests an anticipation of benefiting from a potential XRP rally following a favorable outcome in the Ripple vs. SEC final remedies ruling. This signals a bullish sentiment toward XRP, likely contributing to the XRP price surpassing $0.60 today. However, a significant whale transfer acted in contrast to this trend.
One whale sold 23.10 million XRP, valued at $14.33 million, from an unknown wallet to Bitstamp. Nonetheless, the selling pressure on XRP has been somewhat subdued recently due to substantial accumulations observed over the past week.
Ripple vs SEC Lawsuit Ahead
In the realm of the Ripple vs. SEC case, the XRP community, often referred to as the “XRP Army,” is closely monitoring the proceedings as the case progresses toward its final ruling phase. Judge Analisa Torres is expected to make a decision on remedies, sparking speculation about potential settlements.
Factors fueling this speculation include Ripple’s movement of 150 million XRP and CEO Brad Garlinghouse’s statements on settlement possibilities. However, former SEC securities lawyer Marc Fagel has dispelled these speculations, highlighting the absence of evidence pointing to a settled agreement between Ripple and the SEC.
Fagel further explained that if a settlement had been reached, the enforcement staff would have notified the court to delay the remedies ruling while awaiting SEC approval. However, no such procedural steps have been observed, leading to the conclusion that a settlement is unlikely at this stage of the ongoing XRP lawsuit.
Fagel also indicated that the final judgment in the Ripple vs. SEC case’s remedies phase is expected within the upcoming week. He anticipates that Judge Torres will deliver a decisive ruling on the remedies, with Judge Sarah Netburn addressing any remaining motions.
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