According to crypto analyst Ali, more than 140 million XRP were purchased by XRP whales in the past week. This massive acquisition, worth around $84 million, signals bullish sentiment among large XRP holders or whales.

XRP has been trending positively since July 5, rising about 40% in the last week to reach a high of $0.637. This increase coincides with an increase in the number of newly created addresses and the total number of addresses participating in the XRP Ledger network. Both hit their highest levels since March.

According to on-chain data, the XRP price rally is supported by increasing levels of accumulation from whales and sharks with 100,000 XRP coins, with a notable turning point in supply accumulation starting in August. Santiment noted that XRP wallet holdings of over 100,000 tokens have reached a new high, accounting for 85% of total supply.

After falling to a low of $0.54 on July 19 and the subsequent recovery, XRP rose for four consecutive days before facing profit-taking. At the time of writing, XRP is up 0.10% over the past 24 hours to $0.6011, reflecting lackluster trading in the market.

Expectations are growing regarding the resolution of the Ripple lawsuit.

Ripple CEO Brad Garlinghouse pointed out in a recent interview on Bloomberg Television about potential settlement talks with the Securities and Exchange Commission: “We expect the settlement will resolved soon, but it is impossible to predict when the judge will rule there.”

The case is closely watched because it involves the SEC's jurisdiction. Last July, a US district judge decided that the sale of XRP to retail investors on exchanges did not constitute an investment contract, a decision that many saw as a loss. for this agency.

Helping to further fuel speculation within the social crypto community is the listing on the SEC website of a “closed meeting” scheduled for July 25.