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Ripple‘s XRP faced a major price correction last week following high volatility. On-chain data reveals that as we approach the summary judgment that the court will give in the long-standing case that the U.S. Securities and Exchange Commission (SEC) has opened against Ripple, cryptocurrency whales are taking the price drops as buying opportunities to accumulate more XRP.
XRP Whales Chasing a “Big” Thing
Famous cryptocurrency analyst Ali Charts reported that Ripple whales made a big move as the XRP price fell throughout last week. Whales accumulated approximately 360 million XRP (worth around 170 million dollars) in just 7 days. During this time, the XRP price dropped by 12 percent.
XRP entered the year 2023 trading at an average price of $0.3399, since then it increased its value by approximately 40 percent and largely revolved around $0.47. Nevertheless, the popular altcoin also managed to break its barrier at $0.50 and traded at $0.54 for a while. This price movement was a result of the positive investor sentiment that emerged to support XRP amidst legal issues caused by the U.S. SEC.
Is There an End to the SEC – Ripple Case?
A critical juncture has been reached in the case filed by the SEC classifying XRP as a security against Ripple and its two senior executives. The court is expected to provide its summary judgment, which is expected to bring regulatory clarity to the cryptocurrency market, within this month. Ripple and the defendants are said to have the upper hand in the legal battle against the SEC due to the court ruling in their favor on multiple occasions, and it is speculated that the summary judgment will also be in their favor.
Particularly, some parts of the William Hinman documents published recently by a court order were a big win for Ripple. However, disclosing some parts of the documents was not enough to raise the price of the popular altcoin. Still, as we approach the summary judgment in the case, it seems almost certain that whales will look for more opportunities to accumulate more XRP, that is, they will expect a price drop.
