The cryptocurrency XRP is experiencing a surge in activity from large investors, known as whales, as the long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) nears its final ruling on remedies. This has fueled speculation about a potential price rally for XRP if the outcome favors Ripple.
Whales Accumulate XRP in Anticipation of Favorable Ruling
Whale Alert, a service that tracks large cryptocurrency transactions, reported that over 74 million XRP tokens were purchased by whales within a 24-hour period on July 23rd. This buying spree follows a trend observed over the past week, with whales accumulating a total of over 140 million XRP, valued at roughly $84 million.
These significant purchases suggest that whales anticipate a positive outcome for Ripple in the ongoing lawsuit. A favorable ruling could potentially trigger a significant price increase for XRP, motivating whales to stock up before a potential rally.
Limited Selling Pressure Despite Whale Transfer
Interestingly, while the majority of whale activity points towards accumulation, one notable transaction involved the transfer of 23.1 million XRP from an unknown wallet to Bitstamp, a cryptocurrency exchange. This could be interpreted as a selling move, potentially exerting some downward pressure on the price. However, the overall buying activity from other whales appears to be outweighing this selling pressure.
Settlement Rumors Debunked
Recent speculations about a potential settlement between Ripple and the SEC have been circulating within the XRP community. However, legal experts like Marc Fagel, a former SEC lawyer, have dismissed these rumors. He emphasizes the lack of any concrete evidence suggesting a settlement and points out the absence of procedural steps typically taken before such an agreement.
Fagel predicts that a final judgment on the remedies phase of the case is likely to be delivered within the coming weeks. Judge Analisa Torres is expected to issue a definitive ruling, potentially followed by further actions from Judge Sarah Netburn to address any remaining legal motions.
XRP Army on High Alert
The XRP community, often referred to as the “XRP Army,” is closely monitoring the developments in the lawsuit. The final ruling on remedies holds significant weight for the future of XRP and Ripple Labs. A favorable outcome could potentially remove the cloud of uncertainty surrounding XRP’s legal status, potentially leading to wider adoption and a subsequent price increase.
Uncertain Future for XRP
While the whale activity suggests a positive outlook for XRP, the final verdict in the Ripple vs. SEC case remains the key factor influencing its future. Investors should closely follow the court’s decision and its potential implications for XRP’s price before making any investment decisions.