Last trading day of the week saw a strong closing on Wall Street, ending with Bitcoin (BTC) and altcoins lighting green candles. However, XRP from Ripple, which is embroiled in a lawsuit with the United States Securities and Exchange Commission (SEC), stood out as it staged a strong rally amid the accumulation by cryptocurrency whales.
Whales Accumulated $22.9 Million XRP in the Last 3 Weeks
In the last three weeks, whales have accumulated around $22.9 million worth of XRP, according to renowned crypto analyst Ali Martinez. Data from the crypto data platform CoinMarketCap shows that at the time of writing, XRP has seen a 2.51% rise in the last 24 hours and is trading at $0.4734. Martinez reported that in recent weeks, crypto whales have been mobilizing, purchasing slightly over 52 million XRP coins, with the expectation of a rise in XRP.
On-chain data, however, provides mixed signals for XRP. The popular altcoin’s social dominance has fallen to 1.228%. This metric measures the relative volume of people’s interest in the asset compared to the other top 100 cryptocurrencies by market cap. The fall in this metric for XRP indicates a decline in hype and investor interest in the altcoin.
Ripple vs SEC Case to Conclude by July
As Ripple continues to make news due to its ongoing legal battle with the SEC, a summary judgment in favor of Ripple is expected to emerge from the long-standing court case.
Lawyer Jeremy Hogan recently predicted that the case will conclude by July. He shared this prediction in response to a recent video where Ripple CEO Brad Garlinghouse stated that the case would be resolved within weeks:
“The judge in the Ripple case has made significant decisions approximately every 9 weeks (September 29, December 19, March 6, May 16). The only major decision left is the Summary Judgment. That falls in mid-July. It’s not a forecast. Just a model.”
Hogan also added that the SEC is trying to sweep the Bill Hinman Documents under the rug.
