Ripple (XRP) Price Jumps Over 4%, Here’s Why

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Ripple (XRP) rose over 4% on Tuesday as a recent price dip attracted buying by several major whales.

The token has largely tracked its peers through the recent market crash. Investors are also awaiting any further updates in the Securities and Exchange Commission (SEC) case against the blockchain firm.

XRP down by 45% in past 30 days

Crypto whales have bought more than $112.8 million worth of 262 million XRP tokens in the last 24 hours. The XRP token prices are down by around 45% in the last 30 days. Whales’ move suggests that they have sealed the dip opportunity. The token is trading at an average price of $0.43, at the press time.

The biggest accumulation has been reported from the FTX crypto exchange. Over $51.3 million worth of 120 million XRP tokens from the platform. While over $43 million worth of tokens were acquired in two other big transactions from different exchanges. The XRP prices have surged by around 4% in the last 24 hours. The XRP token is still the 6th largest cryptocurrency with a total market valuation of $20.9 Billion. Meanwhile, its 24 hour trading volume has reduced by 10% to stand at $1.5 billion.

Filan makes some big claims against SEC

Meanwhile, James Filan, Ripple’s attorney has dropped an update regarding the lawsuit against SEC. In a Text Only Order, the court has granted the extension over the attorney’s fee connection to the Metz Supplemental Report. The motion is now due by May 27, 2022.

However, John Deaton, lawyer of XRP holders, has raised some more questions against the SEC. Commissioner Hester Peirce has admitted that conflict screening is important and it should be managed properly, claims Deaton. He claimed that Commission’s officials including Peirce never discussed specific tokens and projects.

He further asserted that SEC officials have neglected to talk over other tokens after Hinman’s infamous Ethereum speech incident. Filan added that the speech promoting ETH as not a security has been the only time when some SEC officials have discussed a token’s nature.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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