XRP News – Ripple Transfers Massive XRP Holdings Amid Bullish Market and SEC Settlement Speculations

XRP News – Ripple Transfers Massive XRP Holdings Amid Bullish Market and SEC Settlement Speculations

XRP News – Amidst speculations of an imminent Ripple SEC settlement in the ongoing XRP lawsuit, recent on-chain metrics have sparked considerable discussion across the cryptocurrency industry. On July 17, nearly 195 million coins were observed being transferred between exchanges, with 150 million of these coins moved by Ripple itself. This development has garnered significant attention as XRP shows signs of entering a bullish phase.

150 Million Ripple Transfer & 45 Million Whale Dump Amid SEC Settlement Rumors

The crypto community is currently abuzz with rumors of a possible settlement between Ripple and the SEC regarding the XRP lawsuit. Prominent pro-Ripple attorneys Bill Morgan and Fred Rispoli have expressed their anticipation of a final judgment in the remedies briefing by the end of July or early August.

In the meantime, Ripple’s native token has experienced a remarkable surge. Data from CoinMarketCap indicates that XRP’s weekly gains have risen to 38% as of today.

Amidst these developments, Whale Alert has reported a substantial transfer of 150 million XRP, valued at $87.49 million, from Ripple to the address rP4X2. This transaction has sparked significant speculation regarding its purpose.

Notably, the address rP4X2 has previously been identified by CoinGape Media as a recipient of similarly large XRP transfers. This has led to speculation that Ripple might be leveraging the current bull run for strategic moves.

Furthermore, Whale Alert disclosed that the notable whale address ..Rzn transferred 45.07 million coins to the exchanges Bitstamp and Bitso in two separate transactions.

XRP Price Surge

In parallel, the price of Ripple’s token saw a notable 11.50% increase over the past 24 hours, settling at $0.609. Throughout this period, its lowest and highest values were $0.5343 and $0.61, respectively.

Data from Coinglass highlighted a market uptrend, with the token’s futures open interest rising by 20.23% to $818.02 million today. Additionally, derivatives volume spiked by 55.62% to $5.15 billion, indicating growing investor interest in XRP.

However, the Relative Strength Index (RSI) has moved closer to the overbought territory, reaching a value of 76, suggesting that a price correction may be imminent.

Importantly, XRP has breached its resistance level of $0.6 today. Maintaining this level is crucial for further gains, especially amid ongoing discussions regarding the Ripple SEC settlement.