Crypto analyst Ali Martinez has spotted striking behavior of XRP whales. Since the price of the popular altcoin fell in April, these major investors have purchased millions of dollars worth of XRP.
This could indicate that these wealthy addresses have confidence in the future of XRP, especially given the outcome of the long-running lawsuit between Ripple and the Securities and Exchange Commission (SEC). Is XRP ready for a big price increase?
Ripple and SEC in court: Appeal against huge fine
In recent days there have been many developments in the lawsuit with the SEC. Ripple has appealed against the large fine imposed on the company by the American authorities.
The SEC is seeking a whopping $2 billion for illegally issuing an unregistered security at the launch of XRP. Ripple is calling for a much lower amount of $10 million, which the blockchain company says is more in line with fines the authority has previously imposed.
Crypto whales kopen de dip
Despite the rising tensions in the lawsuit against the SEC, crypto whales are seizing the opportunity to buy XRP coins. The value of this altcoin fell sharply during the month, from around $0.63 to almost $0.41 in mid-April, a drop of almost 35%.
During this dip, whales purchased more than 31 million XRP tokens, with a current value of almost $17 million.
Since the price fell to $0.41, the value of XRP has recovered somewhat, possibly due to the buying behavior of whales. Currently, the price is at $0.54, about 30% higher than the bottom price during the recent correction.
The fact that whales have purchased so much XRP indicates that they expect a further increase in the price in the coming months. It may also suggest that they are optimistic about a possible decrease in the fine Ripple faces in its lawsuit with the SEC.
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Source: https://newsbit.nl/crypto-whales-kopen-miljoenen-aan-ripple-xrp-rally-op-komst/
