XRP Whales Scoops 360 Million XRP; Ripple Lawsuit Verdict Near?

XRP News: Ripple’s native crypto, XRP witnessed a major price correction past week after a massive surge. On-chain data depicts that crypto whales were waiting for a price dip opportunity to load more XRP tokens as the long running U.S. Securities and Exchange Commission (SEC) Vs Ripple Lawsuit moves towards a summary Judgment.

Also Read: ADA, MATIC, ALGO Are Not “Securities”: XRP Lawyer

XRP Whales Plotting Something Big?

According to Ali Charts, a crypto analyst, Ripple Whales made a huge move as the XRP price moved lower over the past week. Whales accumulated around 360 million XRP (approx worth $170 million) in a span of just 7 days. It should be noted that XRP price dropped by 12% during this time period.

XRP entered the year 2023 trading at an average price of $0.3399. Since then XRP price has jumped almost 40% to stand around $0.47. However, the token also breached the $0.50 price barrier in between to trade at $0.54. This price action depicts a positive sentiment emerging in support of XRP amid legal trouble forced by the US SEC. Read More XRP News Here…

XRP is trading at an average price of $0.475, at the press time. Its 24 hour trading volume is down by over 14% to stand at $822 million. It is still holding a market cap of more than $25 billion.

Ripple Lawsuit End Near?

US SEC Vs Ripple lawsuit is nearing a much anticipated summary judgment which is expected to provide regulatory clarity to the crypto industry. Ripple and the defendants seem to have an upper hand in the legal tussle as the court produced several decisions in their favor.

Recently revealed infamous Hinman Speech linked documents turned out to be a big win for Ripple, however, this didn’t help the XRP price to surge. It can be expected that as the XRP lawsuit moves near to the expected judgment, whales will look for more price dumps to accumulate more XRP tokens.

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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