XRP Update: Crypto Whales Move 130M XRP Amid Ripple vs SEC Appeal Developments
Highlights
- Over 130 million XRP coins have been moved by crypto whales amid key legal updates in the Ripple vs SEC case.
- Ripple and the SEC have filed a stipulation to delay appeal and cross-appeal document submissions.
- XRP’s price surges 7% as the broader crypto market shows signs of recovery.
In a notable development, large crypto holders, known as whales, have shifted more than 130 million XRP coins, fueling speculation as the Ripple vs SEC legal battle progresses. Recent data shows that the significant transfers coincide with both parties filing an agreement to delay the submission of appeal-related documents in the ongoing lawsuit.
Whale Movements Trigger Market Buzz
Whale Alert reported two major transactions within the last 24 hours:
- 100 million XRP (valued at $265.46 million) were transferred from an unknown wallet address to another.
- 30.17 million XRP (valued at $80.59 million) were sent to Coinbase from a separate wallet.
These large-scale transactions come amidst broader discussions about Ripple and the SEC’s legal stipulation, further intensifying interest in XRP’s price movements.
Ripple vs SEC: Stipulation on Cross Appeals
Ripple and the U.S. SEC have agreed on a timeline for filing deferred appendices related to cross-appeals. According to defense attorney James K. Filan, the stipulated agreement outlines a 21-day submission period after the SEC serves its opening brief. Filan also confirmed that the SEC’s brief is still expected to be filed within the stipulated timeframe.
What’s Next for XRP’s Price?
XRP’s price saw an intraday increase of 7%, currently trading at $2.75, with a daily low of $2.55 and a high of $2.89. The coin’s rise aligns with a market-wide recovery, bolstered by increased investor activity.
Market analyst Ali Martinez highlighted a surge in large transactions exceeding $1 million within the XRP network, signaling growing investor interest and market optimism.
Bullish Price Outlook
CoinGape’s recent analysis suggests a potential price target of $3.5 for XRP, driven by strong technical indicators and market trends. Speculation about an XRP ETF approval has also fueled bullish sentiment.
These factors, along with rising whale activity and legal updates, continue to shape market expectations, making XRP a focal point in the crypto community.
