XRP whales have accumulated over 74 million tokens from Binance in the past 24 hours, indicating a bullish sentiment towards the impending final ruling in the Ripple vs. SEC remedies phase.
Significant XRP Whale Transactions
Major XRP transactions have been observed over the past 24 hours, highlighting substantial activity among cryptocurrency whales. On Tuesday, July 23, XRP whales purchased over 74 million XRP tokens, coinciding with a crucial moment as the Ripple vs. SEC case approaches its final remedies ruling.
According to Whale Alert, one of the latest transactions involved an accumulation of 26.42 million XRP, worth approximately $16.02 million, transferred from Binance to an undisclosed wallet. Additionally, another XRP whale acquired 23.65 million XRP, valued at about $14.07 million, from Binance. Another significant transaction saw a whale purchasing 23.95 million XRP, worth $14.72 million, also from Binance.
Over the past week, whales have bought more than 140 million XRP, valued at around $84 million. This buying spree underscores a heightened interest in XRP as the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) nears a critical juncture.
This accumulation by whales suggests an expectation of capitalizing on a potential XRP rally following a favorable Ripple vs. SEC final remedies ruling. This indicates a bullish sentiment towards XRP, which has contributed to the token's price recovery beyond $0.60. However, not all whale activity aligned with this trend.
One notable whale transfer involved dumping 23.10 million XRP, valued at $14.33 million, from an unknown wallet to Bitstamp. Despite this, the selling pressure on XRP has been limited lately, thanks to significant accumulations over the past week.
Ripple vs. SEC Case Overview
The XRP community, often referred to as the "XRP Army," is on high alert as the case nears its final ruling phase. The anticipation is driven by Judge Analisa Torres' impending decision on remedies. Recent speculation about a potential settlement has been fueled by several factors, including Ripple's movement of 150 million XRP and CEO Brad Garlinghouse's comments on settlement possibilities.
However, former SEC securities lawyer Marc Fagel recently debunked these settlement speculations. He pointed out the absence of any evidence suggesting a settlement between Ripple and the SEC. Fagel explained that if a settlement had been negotiated, the enforcement staff would have informed the court to delay the remedies ruling while awaiting SEC approval. Such procedural steps have not been observed, making a settlement unlikely at this stage in the ongoing XRP lawsuit.
Fagel also asserted that the final judgment in the Ripple vs. SEC case’s remedies phase is expected within the coming week. He believes Judge Torres will deliver a decisive ruling on the remedies, with Judge Sarah Netburn addressing any remaining motions.
As the final ruling approaches, the activity of XRP whales and the broader community's anticipation underscore the significant impact the outcome will have on the cryptocurrency market.
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