Ripple‘s altcoin XRP, with an increase of over 5% in the past 24 hours, continues its strong upward trend as it approaches $0.70. The price of XRP, which has increased by 97.41% since the beginning of the year, seems to receive significant support from whales’ accumulation.
XRP Whales Continue to Accumulate
On-chain data reveals that the accumulation of whale-level wallet addresses continues to increase investor confidence in XRP. On-chain analytics platform Santiment stated that XRP has reached levels not seen since August 2, rising to $0.68, and that the price of the popular altcoin increased by 23% against Bitcoin last week. Santiment also reported that large crypto whales holding between 100,000 and 1 billion XRP reached their highest level of the year.
XRP is currently at a very important price level and has formed a bullish pattern that could determine its future value. A closer look at the price chart shows that the altcoin is trading above the widely recognized bullish signal, the 50-day and 200-day Exponential Moving Averages (EMAs), giving a strong indication.
The potential crossover of these EMAs indicates a continuous upward momentum. When this technical outlook is combined with a Relative Strength Index (RSI) comfortably positioned above the 50 threshold, it shows a strong foundation for potential price increase.
Developments in SEC – Ripple Lawsuit Boost Optimism for XRP
The confidence in a positive outcome for Ripple in the ongoing SEC – Ripple lawsuit excited investors over the weekend. Jeremy Hogan, attorney and partner at Hogan & Hogan, shared his latest expectation regarding the SEC – Ripple case, despite no updates on the case that could affect investor sentiment.
Hogan specifically addressed the issue of compensation due to the SEC’s demand for significant compensation of $770 million for the alleged illegal sale of XRP to institutional investors. Hogan stated that the law gives the SEC the authority to claim compensation, interest, and penalties, and that the issue of compensation arises from the court’s decision that the approximately $770 million XRP sale to institutional investors was unlawful. Hogan said, “As a result, $770 million will not be $770 million, it will be a much smaller amount,” indicating that the SEC may receive much less compensation than expected from Ripple.
In his comments regarding the compensation case, Attorney Hogan further stated, “Firstly, in the SEC – Liu case (2020), the court stated that compensation should be a fair solution, which means it should be fair. In this context, fairness means that the alleged proceeds from the claimed violations of the law should be NET, not GROSS. Therefore, Ripple will deduct its operating expenses from the total.”
Furthermore, Hogan added that the compensation amount should be given to individuals or organizations defined as victims who suffered financial loss due to their investments. Therefore, if an XRP investor bought the altcoin at $0.30 and it has since risen to $0.60, they would not be considered a victim and consequently no compensation would be paid.
