The post Ripple News Today: Whales Snap Up 140M $XRP Amid Speculation of Ripple vs SEC Settlement appeared first on Coinpedia Fintech News
The 2024 United States elections have significantly accelerated the adoption of crypto assets. Both sides of the political spectrum have already eyed the more than 50 million voters invested in the digital asset industry.
The recent approval of spot Ethereum ETFs in the United States has played a crucial role in democratizing the altcoin industry.
Moreover, it signals a possible end to the recent witch-hunt by the U.S. SEC, which has been accused of regulating the crypto industry through enforcement.
Ripple’s Pivotal Legal Moment
For more than three years, Ripple Labs has been pushing the US Congress to provide clear crypto regulatory guidance to enable the US to compete with other global markets moving in the same direction.
Through the ongoing lawsuit filed by the US lawsuit, Ripple has obtained significant clarity for the XRP holders. Last year, presiding judge Analisa Torres ruled that XRP sales on crypto exchanges do not constitute investment contracts and, thus not bound by securities laws.
Meanwhile, the Ripple community is awaiting the final resolution, mostly before the end of this year, whereby the SEC has proposed a settlement of around $102 million for violating securities laws in XRP sales to institutional investors.
Rising Whales Demand
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
In the past few days, several on-chain transactions involving whale investors have been spotted moving XRP from different centralized exchanges to unknown addresses. According to market data provided by Santiment, XRP whales purchased more than 140 million units, worth over $84 million.
XRP Signals Inevitable Rally
$XRP (Update)Bulish Pennant Formation in 4h Timframe…In Case of Upside Breakout Expecting 30 – 40% Bullish Rally#XRPUSDT #XRP #Crypto pic.twitter.com/gSchobamtJ
— Clifton Fx (@clifton_ideas) July 22, 2024
XRP price has been on a rising trend in the past three weeks. The large-cap altcoin, with a fully diluted valuation of about $60 billion and a daily average traded volume of about $2 billion, has surged over 40 percent in the past three weeks to around $0.605 on Tuesday.
If the altcoin consistently closes above 60 cents in the coming weeks, the psychological target of around $1 will be easily achievable in the near term.
