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- XRP whales have significantly increased their token purchases, and the price has surged to over $0.53.
- The Ripple vs SEC case is nearing its conclusion, with lawyers predicting varying fines and outcomes that could impact XRP.
According to Santiment, an on-chain intelligence tracker, whales, with between 10 million and 100 million XRP tokens, have stepped up their purchases, ordering 300 million tokens between July 12 and 15. In addition to the 300 million tokens acquired by whales, another cohort holding between 100,000 and 1 million XRP added 10 million tokens during the same period.
The price of XRP has risen significantly and is currently up by almost 3% at the time of writing, with the currency trading above $0. 5300. On Saturday, XRP reached a high of $0. 5661 after recording the highest weekly returns for XRP in 2024. This surge comes at the one-year anniversary of Judge Analisa Torres’ ruling in the SEC vs. Ripple case, where XRP was deemed not a security in its secondary market sales.
Ripple vs SEC Case Nears Potential Conclusion
The legal battle between Ripple and the U. S. Securities and Exchange Commission (SEC) might be coming to an end soon. Fred Rispoli and Jeremy Hogan, from the American attorneys, put their money where their mouth is by predicting the outcome. According to Rispoli, the final judgment is possible by July 31, with the maximum penalty being not more than $25 million for Ripple, and it will not include the disgorgement.
He also noted that the SEC may have to take legal actions again to enforce decisions concerning new contracts cited by Ripple.
On the other hand, Hogan predicts that Ripple could face a fine of $100 million. Even though there are different opinions, both lawyers think that the trial will be over in the summer. The outcome of this case might positively or negatively affect the value of XRP and the entire cryptocurrency market.
In the event that Ripple gets a favorable ruling, it can positively affect the price of XRP as well as other cryptocurrencies.
One of the recent events is a Notice of Supplemental Authority filed by Ripple, which cited a decision that was made in relation to Binance. In her ruling, Judge Amy Jackson threw out the SEC’s argument that sales of BNB tokens in the secondary market were securities transactions. T
he firm’s legal team, headed by Michael Kellogg, welcomed this decision, stating that this shows that severe consequences for alleged sales of the XRP token are unjust, and there is a need for clarity regarding the legal nature of such sales.
XRP shows a Bullish pattern on the Monthly chart
While the legal war rages on, the community is focusing on the fluctuations in the price of XRP. Pro-XRP attorney Bill Morgan also noted the movement of the XRP price prior to the court’s decision on the matter. Morgan and Fred Rispoli hope to have a ruling on the penalties and injunctions by the end of July or early August.
This one may be something https://t.co/cpEbQJZ0td
— bill morgan (@Belisarius2020) July 16, 2024
In the monthly frame, XRP displays a bullish pattern. The Relative Strength Index (RSI) is close to a breakdown of a six-and-a-half-year downtrend with a bullish MACD cross ahead. The current Symmetrical Triangle pattern that has been in place for several years holds the XRP positive for a breakout.
The analyst noted that similar bullish crosses on the monthly RSI have resulted in parabolic price action.
