Ripple whales are making an unusual move this time. Over the past two weeks, whales have purchased more than 110 million XRP tokens worth approximately $55 million. This significant purchase seems to demonstrate confidence in XRP, Ripple’s native token, during the ongoing legal battle with the Securities and Exchange Commission (SEC).
What is the Current Price of XRP?
In the last 24 hours, the price of XRP has increased by over 3%, which has been met with great satisfaction among investors. As of the time of writing, XRP is trading at $0.5174, having broken the resistance at $0.5114 and moving away from the support at $0.4974. The 12.39% increase in trading volume over 24 hours indicates that the upward trend might continue in the short term.
On the other hand, the price of the XRP/TRY pair is seen at 16.7 TL, resulting from a 3% increase. Additionally, the 2.2% increase in Open Interest (OI) on the XRP side indicates that investors are entering new positions with the expectation of more price movement. Meanwhile, a significant 46.56% decrease in XRP volume options suggests a potential decline in speculative trading activities.
This large accumulation of XRP by whales could impact the market and potentially trigger a shift in market sentiment. Overall, the positive outlook on the large asset’s future performance reflects confidence and may encourage more investors to step into the market.
Given the uncertainty created by the ongoing SEC lawsuit, these purchases by whales appear to be happening at a crucial time for Ripple.
SEC and the Legal Battle
The case between Ripple Labs and the SEC seems to be entering a new phase. On May 13, Ripple shared multi-purpose letter motions regarding the sealing of documents related to solutions. Ripple CFO Jonathan Bilich recently expressed support for the motion to seal documents related to the discount process offered to institutional buyers of XRP.
Ripple has applied to Judge Torres to seal certain documents related to the SEC’s Decision and Remedy Requests. The view that the sealing of documents could affect the transparency of the case has created a greater impact on the lawsuit.
