XRP whales are moving coins as the community eagerly awaits the court’s decision on the case filed by the US Securities and Exchange Commission (SEC) against Ripple.
According to Whale Alert, wallets holdings a significant amount of XRP have been moving their holdings, with the trend showing a possible increase in trading activity in the coming days.
On July 7, an XRP whale address transferred 37,390,000 XRP tokens, valued at more than $16 million, from an unknown wallet into the Bitstamp cryptocurrency exchange. This transfer indicates that the whale is taking a position to trade XRP.
Another large XRP holder moved 300,000,000 XRP tokens from the Binance cryptocurrency exchange to an unknown wallet address. These tokens are worth $130 million, and the transfer indicates that this wallet address might be looking to hold them for the long term rather than sell them.
Whales are wallet addresses holding a large amount of tokens. These addresses can move prices due to the high volumes behind their trades. As such, these transfers could be preceding a significant movement in XRP price.
Pro-Ripple Attorney Predicts End Date For SEC Lawsuit
The movement of funds by whales comes as pro-XRP lawyer Fred Rispoli predicts that the SEC lawsuit could end sometime this month. Rispoli noted that the lawsuit could end on July 13 or by July 31 after Ripple filed for supplemental authority, as reported by ZyCrypto.Â
The lawsuit between Ripple and the SEC is a market mover and a heavy determinant of XRP’s price action. This ruling will address whether XRP is a security and clarify the asset regulations in the US.
As the end of the tussle between Ripple and US regulators draws near, the asset is already showing signs of recovery. XRP has been up 1.4% in the last 24 hours, trading at $0.62 when writing.
The XRP Relative Strength Index (RSI) is around 50, showing a neutral condition, with XRP being neither overbought nor oversold. However, at one point, the RSI hit 70, showing signs of dip buying.
The Bollinger Bands further show that volatility is also subsiding as the bands have tightened. The price has touched the lower band, indicating a potential breakout.
Given that XRP has broken a crucial resistance level at $0.62, the next target will be $0.76 before aiming for $0.97. Hitting these prices will allow the coin to attract buyers and create higher highs.
