XRP Whales Buy 74M Coins As Ripple Vs SEC Case Nears Final Ruling

Major XRP transactions have been observed in the past 24 hours, indicating considerable activity among cryptocurrency whales. On Tuesday, July 23, XRP whales snapped up over 74 million XRP tokens. This accumulation comes at a pivotal moment as the Ripple vs SEC case is nearing its final remedies ruling.

XRP Whale Transactions

According to Whale Alert, the latest transaction involved accumulation of a staggering 26.42 million XRP. This transaction, equivalent to $16.02 million, was initiated from Binance toward an undisclosed wallet. Moreover, an XRP whale accumulated 23.65 million XRP, valued at approximately $14.07 million, from Binance exchange.

In addition, another whale scooped up 23.95 million XRP worth $14.72 million from Binance. Moreover, over the past week, whales have purchased over 140 million XRP, valued at approximately $84 million. This buying spree underscores heightened interest in XRP as the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) approaches a critical juncture.

This whale accumulation suggests that they expect to capitalize on the XRP rally in case of a favorable Ripple vs SEC final remedies ruling. This suggests a bullish sentiment toward XRP, which could have catalyzed the XRP price recovery beyond $0.60 today. However, a notable whale transfer defied the trend.

This whale dumped 23.10 million XRP, valued at $14.33 million, from an unknown wallet to Bitstamp. Nonetheless, the selling pressure on XRP has been limited lately owing to the significant accumulations noted over the last week.

Also Read: Ripple XRP Case Update: Former SEC Predicts Final Judgment Date

A Look At Ripple Vs SEC Case

The XRP community, often referred to as the “XRP Army,” is on high alert as the case nears its final ruling phase. The anticipation is driven by Judge Analisa Torres’ impending decision on remedies. Recently, speculation about a potential settlement was reignited by several factors.

These include Ripple’s movement of 150 million XRP, and CEO Brad Garlinghouse’s comments regarding settlement possibilities. However, former SEC securities lawyer Marc Fagel recently debunked these speculations. He pointed out the absence of any evidence suggesting a settlement between Ripple and the SEC.

In addition, Fagel explained that if a settlement had been negotiated, the enforcement staff would have informed the court to delay the remedies ruling while awaiting SEC approval. Such procedural steps have not been observed. Hence, a settlement is unlikely at this stage in the ongoing XRP lawsuit.

Moreover, Fagel asserted that the final judgment in the Ripple vs SEC case’s remedies phase is expected within the coming week. He believes Judge Torres will deliver a decisive ruling on the remedies, with Judge Sarah Netburn addressing any remaining motions.

Also Read: Just-In: OKX To Delist XRP, SHIB, ADA, & 27 Crypto In BTC and ETH Pairs

✓ Share:

Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.