June 12, 2024


Last week was an eventful one for Ripple as the San Francisco-based company saw its allies grow in the lawsuit against the US Securities and Exchange Commission (SEC), leading to speculation that the XRP might finally break out.

The lawsuit between SEC and Ripple has been on since December 2020 but any chance of a resolution anytime soon is getting slimmer after both parties objected to the other’s motion for summary judgment.

The SEC also asked for an extended deadline to respond after new entities submitted amicus curiae briefs to be part of the case. Now, the number of entities supporting Ripple has grown to 12. 

The latest two are publicly traded crypto exchange Coinbase and a Wyoming-based decentralized autonomous organization, VeriDAO. Even crypto influencer BitBoy who had criticized XRP Community in the past is now trying to get in on the action.

He recently shared screenshots showing he applied for the role of Director of Strategy and Operations for Ripple Labs. He even called himself the Supreme Leader of the XRP Army, saying he had changed his views about the community.

However, the SEC does not look like it would back down from the case. Many supporters of Ripple believe that asking for an extension is another delay tactic by the regulator.

Ripple XRP Whales in Action

Meanwhile, several stakeholders are keenly watching the case. With the chances of Ripple winning now higher, XRP whales have moved more tokens in the past few days.

Recent data shows that on October 29, 40,614,705 XRP worth $19.29 million was moved from BitStamp to an unknown wallet.

Around the same time, another wallet transferred 30,000,000 XRP worth $14.25 million to BitStamp. It is unknown whether the wallets both belong to the same person.

Within the last few days, the number of wallets holding 1 million to 10 million XRP has also increased, suggesting that whales might be readying themselves for the outcome of the case.

XRP Price Action

However, XRP continues to trade within the range, even with a gain of 4.6% in the last seven days. But there are several optimistic predictions about its performance in coming months, especially after it surpassed the 200-day moving average.

XRP Price
XRP 7-Day Price Performance (Source: CoinMarketCap)

Presently, it is trading at $0.49, and many expect it to break the 50-cent barrier soon. But even at that, it would still be over 80% below its all-time high of $3.40.

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