Crypto News– The recent decline of XRP from $0.62 to $0.41 has attracted the interest of whales in the crypto market.
XRP Price Decline Triggers Surge in Whale Buying Amid Ripple vs. SEC Conflict
Seizing the opportunity presented by the downturn, these major players have begun accumulating the cryptocurrency, which currently holds the seventh position by market capitalization.
Whales Ramp Up Activity in XRP Market
In the latest analysis by renowned analyst Ali Martinez, it was revealed that over 31 million XRP was purchased within the past week alone. This sudden surge in whale activity indicates a bullish sentiment towards the asset, signaling investors’ optimism for a potential 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 experienced a relatively steady start to the day, with a modest 2% increase pushing its price above $0.54. This price action extended the weekly gains to 11.30%.
Despite the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), XRP has been witnessing significant whale activity.
Notably, Whale Alert’s on-chain data recently highlighted an unidentified whale, with the wallet address r4wf7….h4Rzn, transferring 28.8 million XRP to Bitstamp. While some interpret this transfer as a selling strategy, others speculate it may be linked to Ripple’s liquidity management, particularly in light of its earlier stake acquisition in Bitstamp.
Ripple vs. SEC
Ripple Labs has vehemently opposed the SEC’s proposal for a nearly $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, asserting that the penalty should not exceed $10 million.
The SEC had initially proposed a fine totaling $1.95 billion, which included $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty.
The final trial of this protracted legal battle is scheduled for April 23, and many observers speculate that Ripple holds the advantage, having secured three partial court victories last year.
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