Ripple Whales Scoop Up 110M XRP Amidst Ongoing SEC vs XRP Lawsuit

Ripple whales have collectively purchased over 110 million XRP tokens in the past two weeks, totaling approximately $55 million. This significant buying activity reflects growing confidence among large-scale investors in Ripple’s digital asset, XRP, amid the ongoing legal battle with the Securities and Exchange Commission (SEC).

XRP Price Surge as Ripple Whales Accumulate

Over the past 24 hours, the XRP price has been trading in a bullish sentiment, with a price increase of over 1%. Currently exchanging hands at $0.5104, XRP has established a resistance level at $0.5114 and support at $0.4974. The 24-hour trading volume has surged by 12.39%, indicating that the bullish trend might continue in the short term.

Additionally, XRP Open Interest (OI) has increased by 2.2%, suggesting that traders are opening new positions in anticipation of further price movements. However, XRP volume options have recorded a significant decline of 46.56%, indicating a potential decrease in speculative trading activities.

The accumulation of such a substantial amount of XRP by whales could influence market dynamics, potentially signaling a shift in market sentiment. Large-scale purchases often indicate confidence in the asset’s future performance, which might attract more investors to the market. This buying activity comes at a crucial time for Ripple, as the ongoing lawsuit with the SEC adds uncertainty to the market.

Also Read: Binance Launches Two New Services for Spot and Futures Trading

SEC vs. XRP: Legal Battle Takes New Turn

The lawsuit between Ripple Labs and the SEC has taken a new turn. On May 13, Ripple filed omnibus letter motions to seal key details regarding remedies-related documents. Ripple CFO Jonathan Bilich, has recently supported the motion to seal documents about discounts offered on XRP to institutional buyers.

Ripple has appealed to Judge Torres to seal certain documents linked to the SEC’s Motion for Judgment and Remedies. This move has brought additional attention to the case, as sealing these documents could impact the transparency of the proceedings. The outcome of this legal battle is crucial for Ripple and the broader cryptocurrency market, as it could set a precedent for how digital assets are regulated in the future.

Read Also: Ripple Launches Brazil Fund To Drive XRP Ledger Innovation In LATAM

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Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.