XRP’s drop from $0.62 to $0.41 this week appears to have caught the attention of whales.
During the economic slump, major cryptocurrency market participants have taken advantage of the situation to buy large quantities of the seventh largest cryptocurrency by market value.
XRP’s Whale Activity Intensifies
Based on recent reports from well-known analyst Ali Martinez, approximately 31 million units of XRP have been purchased within the last week. The significant increase in large-scale transactions implies a positive outlook among investors regarding this asset. This could be an indicator of their belief that XRP’s value will bounce back.
The price of XRP fell from $0.62 to $0.41, triggering crypto investors’ attention. In the last week alone, they purchased approximately 31 million units of XRP.
— Ali (@ali_charts) April 23, 2024
XRP began its day with a steady increase, gaining around 2% and reaching over $0.54. This growth built upon the impressive 11.30% rise observed throughout the past week.
During the ongoing dispute between Ripple and the Securities and Exchange Commission (SEC), there has been noticeable whale transactions in XRP.
Recently, Whale Alert’s data from the blockchain showed an unidentified whale, with the wallet address “r4wf7….h4Rzn,” moving 28.8 million XRP to Bitstamp. Some believe this transaction represents a selling strategy, while others suspect it could be connected to Ripple’s liquidity management. Given that Ripple has previously acquired a stake in Bitstamp, this possibility is plausible.
Over the past six weeks, there has been a noteworthy rise of 3.1% in the number of XRP wallets containing a million coins each, according to market analysis firm Santiment. This significant growth indicates heightened investor enthusiasm and trust towards Ripple’s digital token.
Ripple vs. SEC
Ripple Labs has disputed the SEC’s proposed fine of nearly $2 billion against the company. In their filing made on Monday, this blockchain company presented reasons why the SEC’s demands for an injunction, disgorgement, and pre-judgment interest should be lowered. They believe that the penalty ought not to exceed $10 million.
Previously, the SEC suggested imposing a penalty of $1.95 billion on the violator. This amount includes $876 million for returning the ill-gotten gains (disgorgement), $198 million as interest before the judgment, and an additional $876 million as a civil penalty.
The last court showdown of this prolonged dispute is scheduled for April 23rd. Some believe that Ripple holds the upper hand due to their achievement of three partial court wins in the previous year.
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2024-04-23 15:50