XRP whales have been on an aggressive buying spree, snapping up over 140 million XRP in the past week.
According to crypto analyst Ali, over 140 million XRP were bought by XRP whales in the past week. This massive acquisition, valued at approximately $84 million, signals bullish sentiment among XRP large holders, or whales.
In the last week, whales bought over 140 million $XRP, valued at approximately $84 million! pic.twitter.com/s22yK8wlZS
— Ali (@ali_charts) July 23, 2024
XRP has been on a positive trend since July 5, increasing about 40% in the last week to reach highs of $0.637. This uptick coincided with an increase in the number of new addresses created and total addresses engaging on the XRP Ledger network. Both have reached their highest levels since March.
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According to on-chain data, the XRP price rally was aided by increased levels of accumulation from whales and sharks with 100,000 XRP coins, with a notable turning point in supply accumulation beginning in August. Santiment noted that holdings of XRP wallets with over 100,000 tokens reached a new high, representing 85% of the total supply.
Following a drop to a low of $0.54 on July 19 and a subsequent rebound, XRP surged for four days in a row before facing profit-taking. At the time of writing, XRP was 0.10% in the last 24 hours to $0.6011, mirroring the lackluster trading on the market.
Anticipation grows regarding Ripple lawsuit resolution
Ripple CEO Brad Garlinghouse indicated in a recent Bloomberg Television interview about potential settlement talks with the Securities and Exchange Commission: "We expect resolution very soon, but can't predict when the judge will rule there."
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The case is closely watched because it has ramifications for the scope of the SEC's jurisdiction. Last July, a U.S. district judge decided that sales of XRP to retail investors on exchanges did not constitute investment contracts, a decision that many saw as a loss for the agency.
Helping to further fuel speculation in the crypto community on social media was the listing on the SEC's website of a "closed meeting" scheduled for July 25.
