Substantial moves by large investors often signal impending shifts in the crypto market. Recently, Ripple’s XRP has caught the attention of these deep-pocketed investors, commonly known as “whales.” This remarkable surge in interest could fuel a mind-blowing moonshot for the industry’s eighth-largest cryptocurrency.
XRP Whale Accumulation Boosts Rally Prospects
Whales have gone haywire on XRP buys, scooping up the Ripple-linked token at an unprecedented rate in the past week.
Popular crypto analyst Ali remarked in a July 23 post on X that the whales amassed over 140 million XRP, worth roughly $84 million. This enormous acquisition indicates bullish sentiment among XRP whales.
Accumulation among these large holders is often seen as a bullish signal. High-value investors typically boost their holdings when they expect higher prices in the near future while leveraging their market power to enable this.
The price of XRP has been on a tear since the beginning of this month, jumping over 39.5% over the last two weeks, only to hit local highs of $0.636. This surge was accompanied by a notable increase in the number of new addresses created and total addresses engaging on the XRP Ledger (XRPL). These two parameters have achieved their highest levels since March.
Anticipation Mounts Regarding Potential Ripple vs. SEC Settlement
In July 2023, Judge Analisa Torres declared that XRP in itself is not a security when sold to investors via crypto exchanges, marking a momentous win for Ripple. However, XRP is still considered a security when sold to institutional investors, and the US Securities and Exchange Commission (SEC) is currently seeking a multi-million-dollar fine for these sales.
After over three years, the protracted legal dispute between Ripple Labs and the SEC seems to be finally nearing its close. Notably, a recent closed-door meeting between the two parties has been rescheduled to July 25, 2024. This meeting is expected to discuss a potential settlement.
Fueling further speculation among XRP investors, Ripple’s chief Brad Garlinghouse revealed he is optimistic that a resolution is coming “very soon”.
Many believe a favorable conclusion could spark XRP’s journey to the elusive $3 zone. Moreover, the potential approval of an XRP-based spot ETF in the U.S. would further push market interest and price.
