In recent days, Ripple's native token, XRP, has witnessed a remarkable surge in both price and popularity, propelled by two pivotal developments: bullish accumulation by significant investors and a legal victory against the U.S. Securities and Exchange Commission (SEC).
According to crypto analytics platform Santiment, large XRP investors, known as “whales” and “sharks,” with holdings ranging from 10,000 to 10 million XRP, have now amassed their highest holdings since July 27. This group currently exerts control over 29% of the total XRP supply. Santiment attributes this accumulation to savvy investors foreseeing an imminent, substantial price rally for XRP.
Ripple Bags Another Win Against the SEC in Long-Drawn Lawsuit
In tandem with the XRP accumulation reported by Santiment, the SEC's decision to voluntarily dismiss its lawsuit against Ripple's CEO, Brad Garlinghouse, and executive chairman, Chris Larsen, has further bolstered the cryptocurrency's price. The lawsuit, initiated in December 2020, accused Ripple and its executives of selling XRP as unregistered securities, a violation of federal laws.
The SEC's move marks the third consecutive legal victory for Ripple in the ongoing case. Judge Analisa Torres previously ruled that XRP transactions did not qualify as securities, and Judge Sarah Netburn denied the SEC access to Ripple's legal communications.
SEC Not Appealing Anytime Soon: Deaton
The dismissal of charges against Ripple's top executives has fueled speculation about the SEC's next legal steps and the possibility of an immediate appeal. However, pro-XRP lawyer John Deaton, who represents thousands of XRP holders in the case, clarified that an immediate SEC appeal is a distant possibility.
He explained that the penalty phase of the case must precede any appeals, a process that could span months or even years. Deaton also suggested that the SEC's dismissal was prompted by their dwindling chances of success and the apprehension of compelling testimonies from multiple witnesses.
The ongoing XRP lawsuit continues to capture the crypto community's attention, as its outcome could have significant implications for XRP and the broader cryptocurrency industry. With the trial scheduled for April 2024 now shrouded in uncertainty, onlookers are eagerly awaiting further developments. The SEC's subsequent legal maneuvers will be scrutinized intensely as the Ripple legal saga unfolds.
Amidst these legal triumphs and uncertainties, XRP enthusiasts are brimming with optimism. They believe that the token is poised to break past the elusive $1 mark and eventually reach $10. As of the time of writing, XRP is trading at $0.5215, marking a 7% gain in the past seven days.
XRP Pushing for $0.6500
On the technical front, XRP is holding up well above the $0.5100 support as the general crypto market records a bullish break.
With the prevailing trend still at play, XRP could return to the critical $0.5500 mark in the coming days. However, the real target is the $0.6500 top, which should make traders’ dreams of the $1 price tag a closer reality.
XRP Statistics Data
XRP Current Price: $0.5215
XRP Market Cap: $27.8B
XRP Circulating Supply: 53.4B
XRP Total Supply: 100B
XRP Market Ranking: #5
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.