Whales Snap Up 140M $XRP Amid Speculation of Ripple vs SEC Settlement

The 2024 U.S. elections have sparked a notable surge in crypto asset adoption. Both major political parties are keenly aware of the more than 50 million voters involved in the digital asset industry.

The recent approval of spot Ethereum ETFs in the U.S. has been pivotal in making the altcoin sector more accessible to the masses. This move may also signal a potential end to the recent regulatory crackdown by the U.S. Securities and Exchange Commission (SEC), which has faced criticism for its heavy-handed approach to the crypto industry.

Ripple Labs & the Fight for Clear Regulations

For over three years, Ripple Labs has been advocating for clearer regulatory guidance from Congress to help the U.S. stay competitive in the global crypto market. Their efforts are bearing fruit through an ongoing lawsuit with the SEC, which has brought significant clarity for XRP holders.

Last year, Judge Analisa Torres ruled that XRP sales on crypto exchanges do not qualify as investment contracts, thus exempting them from securities laws.

The Ripple community is eagerly awaiting a final resolution, expected by the end of this year. The SEC has proposed a settlement of approximately $102 million related to XRP sales to institutional investors, marking a potential turning point in the ongoing legal battle.

Tracking the Whale Movements

Recently, there has been notable activity involving whale investors moving XRP from various centralized exchanges to unknown addresses. Market data from Santiment reveals that XRP whales have acquired over 140 million units, valued at more than $84 million.

XRP’s price has experienced a significant upward trend over the past three weeks. The altcoin, boasting a fully diluted valuation of around $60 billion and a daily average traded volume of approximately $2 billion, has surged over 40 percent, reaching around $0.605 on Tuesday.

Looking Ahead: A $1 Target in Sight?

If XRP maintains a closing price above 60 cents in the coming weeks, it could easily approach the psychological target of $1 in the near term.

Related articles

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

Also Check Out: Budget 2024: Angel-Tax Abolished For All Tax Classes; Crypto Tax Remains Unchanged By Nirmala Sitharaman

XRP is heating up, and investors are taking notice. Is this the beginning of a new bull run?