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XRP is the native cryptocurrency of Ripple, one of the leading fintech firms operating globally. The cryptocurrency seems to have garnered the attention of crypto whales over the past few days. According to data from Santiment market, digital asset whales are scooping up a large chunk of Ripple’s native crypto token. The accumulations were running into hundreds of millions of dollars in the last 7 days. Notably, such a wild movement in the volume of the crypto’s trading indicated significant implications for the cryptocurrency this week.
Why are the crypto whales bullish on XRP?
It has been noted that more than 350 whale addresses are holding more than 10 million XRP at press time. The latest heightened accumulation spree designates that most of the holders are confident of Ripple.
In contrast, whales believe that the financial technology firm has the potential to score a groundbreaking win in the ongoing legal brawl with the US Securities and Exchange Commission. The SEC have allegedly charged the firm and highlighted that they have raised more than $1.3 billion through an unregistered securities offering.
Is there a chance for Ripple to win?
According to Attorney Joseph Hall, a former SEC official, the regulators should not have brought the lawsuit in the first place. Moreover, Hall strongly hinted that the fintech firms would win. According to the attorney, the regulatory agency lacks grounds for initiating the matter, and now it seems that the commission’s regulatory efforts would be shut down.
What price levels should investors expect?
The previous contemporary sentiments in late 2020, have demonstrated the most likely direction of future price shifts. Amid the rapid accumulation of approximately 1.3 billion XRP at that period, it is noted that the price significantly grew in relation to Bitcoin in the following quarter, as the asset proved itself as a more sturdy crypto during the period of the overall market slump.
According to Santiment’s analysts similar logic can be applied to the expected price dynamics in the ensuing weeks.
Notably, the first plausible drift is the envisioned rapid increase of the cryptocurrency price if the lawsuit ends with a fintech firm’s triumph.
