2024-8-20 00:30 |
Ripple’s XRP is witnessing large buying activity from whales as it looks to make the most of a favorable decision in the major legal case against the SEC. According to on-chain activity monitors, XRP’s buying volume has surged just above 240% in the last 72 hours.
However, this major buying activity is yet to be translated into bullish price action as the cryptocurrency remains stranded below $0.57 amidst a short-term market slump. Bitcoin has fallen below $60k, and the rest of the coin market is following its lead.
Image Source: TradingView Whales Scooping Up Large Amounts of XRPXRP whales are having a field day as they look to fill their bags with the coin of their choice. The major uptick in buying activity is attributed to large wallets, especially those with 1-10 million XRP already in their coffers. These big fishes in the Ripple Pond are known to make massive splurges occasionally. However, it is not known today whether this is a concerted effort to jack up the price of the major digital currency or a flurry of actual market sentiment that will see XRP achieve new highs.
All in all, these big wallets accumulated a massive 662.4 million XRP tokens in the space of 11 days in August, which is a big number. This is in contrast with BTC and other altcoins, which are bleeding funds on exchanges and through Exchange-Traded Funds (ETFs).
XRP’s Legal Woes Are Over?The SEC vs Ripple case has dominated the crypto news cycle for the better part of the last four years. The case was originally announced in late 2020, and XRP has struggled considerably since. The once-second-most valuable cryptocurrency in the market dropped below $1 after the case was announced and has yet to recover above the key price point. The case dragged on for several years before a partial victory was handed to Ripple in July 2023.
While the bulls could make a quick dash to $0.9, lingering intricacies, including massive fines proposed by the SEC, faltered this move and XRP has since slipped below $0.7 and stayed there. A final verdict was awaited from Judge Analisa Torres, who presided over the case.
Finally, only a few days ago, she issued a detailed judgment that absolved Ripple of allegations of reckless conduct and fraud. The anticipated billion-dollar fine for the company was also reduced to $125 million, deemed a major victory and a plus point for XRP’s future. Many Ripple commentators predicted that the XRP price index would rocket forward due to this positive legal outcome.
However, the larger crypto market has been facing a considerable price squeeze for the last week, so XRP cannot benefit from this situation. Once market conditions improve, XRP will likely bounce back strongly and reclaim its lost position in the top four crypto charts.
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