Major players in the cryptocurrency market, known as whales, have been accumulating significant amounts of XRP, hinting at a bullish anticipation for the final ruling in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This surge in activity comes at a critical juncture as the case nears its conclusion in the remedies phase.
Data from Whale Alert, a platform that tracks large cryptocurrency transactions, reveals that over the past 24 hours, whales have scooped up a staggering 74 million XRP tokens, valued at over $44 million. This buying spree follows a similar pattern observed over the last week, where whales acquired more than 140 million XRP, worth approximately $84 million.
Experts believe this whale activity suggests an underlying confidence in a favorable outcome for Ripple in the remedies phase. A positive ruling from Judge Analisa Torres could trigger a significant price increase for XRP, potentially propelling it beyond the current $0.60 mark.
However, not all whale movement reflects bullish sentiment. One notable transaction involved the transfer of 23.1 million coins, valued at $14.33 million, from an unknown wallet to Bitstamp, indicating a potential sale. Despite this instance, the overall buying pressure from whales has outweighed any selling pressure in recent times.
The XRP community, also known as the “XRP Army,” is anxiously awaiting the final ruling as it could significantly impact the future of XRP. Recent speculations regarding a possible settlement between Ripple and the SEC were fueled by Ripple‘s movement of 150 million XRP and comments by CEO Brad Garlinghouse. However, legal experts have debunked these claims, asserting that there is no concrete evidence to support a settlement.
Marc Fagel, a former SEC lawyer, emphasized the absence of any procedural steps typically observed during settlements. He further stated that the final judgment is expected within the coming weeks, with Judge Torres issuing a decisive ruling and Judge Sarah Netburn addressing any remaining motions.
The upcoming verdict in the Ripple vs. SEC case holds immense weight for the XRP market. The whale activity and heightened anticipation within the XRP community are indicative of the potentially transformative impact this ruling could have on the cryptocurrency’s value and future trajectory.
