XRP’s Price Plunge Spurs Whale Buying Frenzy Amidst Ripple Vs. SEC Saga
XRP’s drop from $0.62 to $0.41 this week appears to have caught the attention of whales.
Amid the downturn, these big players in the crypto market have seized the opportunity to accumulate the cryptocurrency that currently stands in seventh position by market cap.
XRP’s Whale Activity Intensifies
According to the latest findings by popular analyst Ali Martinez, over 31 million XRP was bought in just the past week alone. This sudden surge in whale activity suggests a bullish sentiment towards the asset, indicating that investors see potential for a rebound in its value.
$XRP dropped from $0.62 to $0.41, and #crypto whales took notice. They’ve bought over 31 million #XRP in just the past week! pic.twitter.com/3FCA3PR3hi
— Ali (@ali_charts) April 23, 2024
XRP saw a relatively stable start to the day, surging by a modest 2% during the same period as it pushed past $0.54. The price action extended weekly gains to 11.30%.
Amidst Ripple and the Securities and Exchange Commission’s (SEC) legal battle, XRP has been seeing significant whale activity.
In fact, Whale Alert’s on-chain data recently reported an unidentified whale, whose wallet address is “r4wf7….h4Rzn,” transferred 28.8 million XRP to Bitstamp. While some view this transfer as a selling strategy, others speculate it might be related to Ripple’s liquidity management, especially considering its earlier stake acquisition in Bitstamp.
With XRP jumping ahead of the altcoin pack, market intelligence platform Santiment revealed an increase in the number of XRP wallets holding at least a million coins, with a surge of 3.1% observed over the past six weeks. This uptick in large XRP holdings suggests growing interest and confidence among investors.
Ripple vs. SEC
Ripple Labs has opposed the SEC proposal for nearly a $2 billion fine against the company. In their filing on Monday, the blockchain entity argued against the SEC’s request for an injunction, disgorgement, and pre-judgment interest stating that the penalty should not exceed $10 million.
The SEC had previously proposed a fine of $1.95 billion, comprising $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty.
The final trial of the lengthy battle is slated for April 23, and many speculate that Ripple has the advantage, having secured three partial court victories last year.
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