In a significant move, XRP whales have aggressively bought over 140 million XRP in the past week. Crypto analyst Ali reported that this massive $84 million acquisition signals bullish sentiment among large XRP holders, known as whales. Since July 5, XRP has risen about 40% in the last week, reaching highs of $0.637. This uptick coincided with an increase in new addresses created and total addresses engaging on the XRP Ledger network. Both metrics have reached their highest levels since March, reflecting heightened activity and interest in XRP.
Increased Accumulation By Whales And Sharks
On-chain data indicates that whales and sharks holding 100,000 XRP coins drove the recent XRP price rally through increased accumulation. A notable turning point in supply accumulation began in August. Santiment, a prominent crypto analytics platform, noted that holdings of XRP wallets with over 100,000 tokens have reached a new high, now representing 85% of the total supply.
Related article: XRP Price Potential: Could it be on the Verge of a Major Upsurge?
Following a drop to a low of $0.54 on July 19 and a subsequent rebound, XRP surged for four consecutive days before facing profit-taking. Currently, XRP is 0.10% up in the last 24 hours, trading at $0.6011, reflecting the broader market’s lackluster performance.
Anticipation Grows For Ripple Lawsuit Resolution
Anticipation is growing regarding the resolution of the Ripple lawsuit. Ripple CEO Brad Garlinghouse indicated in a recent Bloomberg Television interview that potential settlement talks with the Securities and Exchange Commission (SEC) are underway. He stated, “We expect resolution very soon, but can’t predict when the judge will rule there.”
Related article: Ripple’s XRP Transactions and SEC Case Stir Market Activity
This case is being closely watched because it has significant ramifications for the scope of the SEC’s jurisdiction. Last July, a U.S. district judge ruled that XRP sales to retail investors on exchanges were not investment contracts, which many saw as a setback for the SEC. Speculation in the crypto community is further fueled by a “closed meeting” listed on the SEC’s website for July 25.
The aggressive buying spree by XRP whales and increased on-chain activity have contributed to XRP’s positive price trend. Additionally, the anticipation surrounding the Ripple lawsuit’s resolution adds another layer of intrigue and potential impact on XRP’s future.
