XRP Price Approaches $0.70 With Whale Wallets Holdings At 2023 High

Ripple’s native cryptocurrency XRP has continued with its strong rally as the XRP price is up 10% over the last 24 hours, moving closer to $0.70.

XRP Whales Continue to Accumulate

On-chain data shows that investor confidence in XRP has been growing sharply with whale wallets continuing to accumulate.

Also as per crypto analytics platform Santiment, The XRP price surge to the recent levels of $0.68, hasn’t happened since August 2nd. This three-month high was achieved as XRP rose by +23% against BTC over the past week. Additionally, wallets holding 100K-1B XRP have now reached their highest point in 2023.

At present, XRP occupies a crucial price point, revealing a bullish pattern that could steer its future value. A close inspection of the chart shows XRP’s robust health, as it currently trades above both the 50-day and 200-day exponential moving averages (EMAs), a commonly bullish signal.

The possible bullish crossover of these EMAs hints at sustained upward momentum. This technical setup, combined with an RSI comfortably positioned above the 50 threshold, indicates that buyers are in command, establishing a solid foundation for potential price appreciation.

Optimism Grows in Ripple vs SEC Case

Market confidence in a favorable outcome for Ripple in the ongoing SEC v. Ripple case bolstered investor enthusiasm on Sunday. Despite the absence of any case-related updates to sway investor sentiment, attorney and partner at Hogan & Hogan, Jeremy Hogan, shared his perspective on the SEC v. Ripple case.

Hogan specifically addressed the issue of disgorgement, as the SEC pursues a substantial $770 million penalty for the unlawful sale of XRP to institutional investors. Hogan pointed out that the law grants the SEC the authority to seek disgorgement, interest, and penalties, with the disgorgement matter arising from the Court’s decision that roughly $770 million in XRP sales to institutional investors was unlawful.

“In conclusion, $770 million is NOT going to be $770 million, but something much less, said Hogan.

Furthermore, attorney Hogan commented on the disgorgement case adding that ““First, the SEC v Liu case (2020) basically said that disgorgement is an equitable remedy, which means that it should be fair. And fair in this context means that it should be the violations NET profits, not GROSS. So, Ripple will deduct business expenses from the total.”

He further added that as reaffirmed by the 2nd DCA, the disgorgement amount must be granted to individuals or entities who suffered financial losses on their investments, which defines them as victims. Therefore, if an XRP buyer acquired the cryptocurrency at $0.30 and it has since risen to $0.60, they do not qualify as victims and, consequently, no disgorgement is warranted.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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.