In a noteworthy move, Ripple whales have acquired over 110 million XRP tokens worth approximately $55 million over the past two weeks. This substantial accumulation demonstrates a show of faith in XRP, Ripple’s native token, despite the ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC).
How is XRP Performing in the Market?
Within the last 24 hours, XRP’s price has surged by over 3%, offering a sense of optimism among investors. Currently trading at $0.5174, XRP has surpassed the resistance level of $0.5114 and distanced itself from the support at $0.4974. The 12.39% rise in trading volume over the same period suggests a continuation of this positive trend in the near term.
Conversely, the XRP/TRY pair has seen a 3% increase, reaching 16.7 TL. Additionally, a 2.2% rise in Open Interest (OI) indicates that investors are opening new positions on the expectation of further price movements. However, a notable 46.56% drop in XRP volume options points to a decrease in speculative trading activities.
This significant whale activity in accumulating XRP may influence the market and potentially shift investor sentiment. The overall positive outlook for XRP’s future performance is a sign of growing confidence, likely drawing more investors into the market.
Why is the Legal Situation Crucial for Ripple?
With the SEC lawsuit ongoing, these large-scale purchases by whales come at a critical juncture for Ripple. The legal battle between Ripple Labs and the SEC is entering a new phase, as Ripple recently submitted multi-purpose letter motions regarding the sealing of specific documents. Ripple CFO Jonathan Bilich expressed support for sealing documents related to discounts offered to institutional XRP buyers.
Key Takeaways for Investors
- Ripple whales have purchased over 110 million XRP tokens, indicating strong confidence in XRP.
- XRP’s price has risen by 3% in the past 24 hours, currently trading at $0.5174.
- The XRP/TRY pair has seen a similar increase, reaching 16.7 TL.
- A 2.2% rise in Open Interest suggests new positions being taken by investors.
- A 46.56% drop in XRP volume options indicates reduced speculative trading.
In summary, the recent large purchases of XRP by whales represent a significant vote of confidence in the token during an uncertain period marked by ongoing litigation with the SEC. This development could potentially lead to a shift in market sentiment, encouraging further investment in XRP.