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XRP Whales Buy 74 Million Coins as Ripple vs SEC Case Nears Final Decision
Large transactions of XRP have been observed over 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 crucial time as the Ripple vs SEC case is nearing its final decision on remedies.
XRP Whale Transactions
According to Whale Alert, the latest transaction involved the accumulation of a whopping 26.42 million XRP. This transaction, worth $16.02 million, was initiated by Binance to an undisclosed wallet. Furthermore, a XRP Whale
has accumulated 23.65 million XRP, valued at approximately $14.07 million, on the Binance exchange.
Additionally, another whale scooped up 23.95 million XRP worth $14.72 million from Binance. Furthermore, whales purchased over 140 million XRP worth approximately $84 million last week. This buying spree underscores the growing interest in XRP as the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) approaches a critical juncture.
That whale accumulation suggests that they hope to capitalize on the XRP rally in the event of a favorable Ripple vs SEC ruling on final remedies. This suggests a bullish sentiment towards 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. However, selling pressure on XRP has been limited lately due to the significant accumulations seen over the past week.
Read too: Ripple XRP Case Update: Former SEC Predicts Final Trial Date
A look at the Ripple vs SEC case
The XRP community, often referred to as the “XRP Army,” is on high alert as the case approaches its final decision phase. The anticipation is fueled by Judge Analisa Torres’ imminent decision on the appeals. Recently, speculation about a possible settlement has been reignited by several factors.
This includes Ripple’s move of 150 million XRP and CEO Brad Garlinghouse’s comments about the possibility of a settlement. However, former SEC securities attorney Marc Fagel recently debunked these speculations. He highlighted the absence of any evidence suggesting a settlement between Ripple and the SEC.
Furthermore, Fagel explained that if a settlement had been negotiated, the enforcement team would have informed the court to delay the decision on the appeals pending SEC approval. Such procedural steps were not followed. Therefore, a settlement is unlikely at this stage of the ongoing process. XRP Process
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Furthermore, Fagel stated that the final judgment in the remedies phase of the Ripple vs SEC case is expected next week. He believes Judge Torres will give a decisive ruling on the remedies, with Judge Sarah Netburn addressing any remaining motions.
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