The cryptocurrency market has had a positive week, with notable increases made by Ripple (XRP), Ethereum (ETH), and Bitcoin (BTC). XRP has increased by over 8% in the past several hours, showing its continued tenacity. A four-month high was reached by the asset as speculations around the Ripple v. The SEC continued to make headlines.
When talking about Bitcoin’s phenomenal run, one cannot miss the advances made by fellow altcoins as they managed to recoup some losses in this glorious week. Santiment data showed that since March 7, major wallet holders of the XRP network who own between 100,000 and 1 billion XRP tokens have been steadily accumulating the coin.
The graphic below shows how three different groups of cryptocurrency investors grew their XRP holdings over the previous two weeks.
Technically, whale accumulation is considered a bullish indicator of an asset. Influencers and market observers have spoken out in favor of Ripple’s victory in the lawsuit, which reinforces the bullish thesis for the cryptocurrency.
XRP vs SEC
Ryan Selkis, CEO of Messari recently said, “I’ve been critical of Ripple in the past (various reasons), but more aligned with them than ever before. Ripple should win the overreaching XRP-SEC case, and the XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally. Demand is there.”
James K. Filan tweeted that regarding extra authority which was derived from the Bittner and Voyager examples, the regulator has sent its answer to the Ripple defendants’ letters. In order to strengthen its case for its fair notice defense, Ripple submitted a Letter of Notice of Additional Authority on March 20.
According to the SEC’s response, “the letter set forth stray remarks, lines from Justice Gorsuch’s concurring opinion in the Bittner case and a bankruptcy plan confirmation order from the Voyager case.”
Source: https://coinpedia.org/ripple/amid-ripple-vs-sec-lawsuit-xrp-whales-go-on-a-shopping-spree/