In recent weeks, XRP whales have amassed more than 100 million coins, driving speculation and market activity amidst rumors of a potential settlement in the ongoing Ripple vs. SEC lawsuit. This accumulation coincides with XRP’s price surge past the $0.53 mark, reflecting growing market interest in the cryptocurrency.
Whale Activity and Market Impact
According to Whale Alert, a platform tracking on-chain transactions, XRP whales have acquired nearly 110 million coins through recent transfers. Significant transactions include:
An unknown wallet address “rhWj…LQkK” accumulating 39 million coins, valued at $20.44 million.
Wallet addresses “rfQ9…8Cvi” and “rarG…bZKk” accumulating 36 million and 34 million coins respectively.
All these transactions were executed from Binance, a leading crypto exchange. Despite the heavy accumulation, a recent selloff of about 28 million XRP to Bitstamp has raised concerns among investors, viewed by many as profit-taking.
Ripple vs. SEC Settlement Speculations
The accumulation and price surge are happening amidst rumors of a nearing settlement in the Ripple vs. SEC case. The SEC’s closed-door meeting on July 18 has further fueled these speculations. Market watchers and the XRP community are hopeful that the meeting will result in a positive outcome for Ripple.
On July 13, 2023, Judge Torres ruled that XRP is not a security, a significant ruling that has been celebrated by Ripple executives and has bolstered market confidence.
Future Predictions and Market Sentiment
The recent surge has led to bullish predictions from analysts. Crypto expert Dark Defender predicts that a weekly close above $0.53 could push XRP to $0.6044, with the potential to reach $0.6649 given the current market momentum. For the XRP/BTC pair, Dark Defender suggests that it has reached its bottom and anticipates a potential rebound.
As of the time of writing, XRP is trading at $0.5328, up 0.73%, with a one-day high of $0.5396. However, its 24-hour trading volume has dropped by 42% to $1.53 billion after a surge over the weekend.
Conclusion
The recent accumulation of XRP by whales and the positive market sentiment driven by settlement rumors in the Ripple vs. SEC case have significantly impacted XRP’s price and market activity. Investors and analysts alike are closely monitoring these developments, anticipating further growth and stabilization in the cryptocurrency’s value.
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