XRP Whale Accumulation Surges As Ripple Vs SEC Lawsuit Draws To A Close
The XRP market has firmly held the current levels during the second half of 2022, despite pressures from the ongoing Ripple vs SEC lawsuit. According to aggregate data from Binance-backed Coinmarketcap, XRP price has ranged between 0.324 and $0.5523 in the past three months.
The XRP market – which takes pride in a fully diluted market cap of approximately $38,210,014,609 – has remained in the top ten crypto assets by valuation for several years.
As such, market strategists and the crypto community unanimously agree XRP has a high probability of surviving the current bear market. Moreover, the XRP market is widely used in many countries around the seven continents. Hence giving the XRP community hope of reaching the moon during the next crypto bull market.
Notably, whale crypto traders have been identified as accumulating more XRP coins in the recent past. For instance, over $18 million worth of XRP was withdrawn from Binance to an unknown Wallet.
Three days ago, Whale Alert identified 143,000,000 XRP, worth approximately $55,960,040, transferred from an unknown wallet to another anonymous wallet.
Notably, on-chain whale activity has been relatively high in the XRP market in the recent past as long-term holders increase their speculative exposure. Furthermore, the XRP market is heavily bolstered by both fundamental and technical aspects, which show a possible near-future breakout above its 2018 ATH.
XRP Market Outlook and Forward-Looking Analysis
The XRP market has partially rebounded from the FTX trauma. Notably, the recent XRP price pump has coincided with the predicted crypto Christmas rally. Moreover, Bitcoin price recently retested $18k, which was previously a strong support during the 2022 bear market.
Meanwhile, lawyers closely following the Ripple vs SEC lawsuit believe the end is drawing near. For instance, John E Deaton, the founder of cryptolaws.us and a firm of crypto enthusiasts, speculates that the Judge will deny the SEC motion for summary judgment.
Notably, Deaton thinks the Judge will find some XRP transactions by Ripple violating the security law. Nevertheless, Ripple continues to argue that it did not make any written investment contracts with XRP investors.
As such, all eyes are on the motion for summary judgment, which is expected to happen in the first half of 2023.
As XRP trades around $0.39, a Ripple win could send it to the roof and trade above $2. Otherwise, an SEC win could push back the digital asset to a new multi-year low.