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Ripple SEC Settlement Speculation Grows Amid 150M XRP Payment
Amid speculations of a looming Ripple SEC settlement in the XRP lawsuit, on-chain metrics have once again sent tongues wagging across the broader industry. Today, July 17, nearly 195 million coins were recorded to be transferred to and fro exchanges, among which 150 million were moved from Ripple. This chronicle has gained significant traction across the crypto industry, as XRP currently shows signs of a bull run.
Here’s an overview of the Ripple Labs-backed digital asset’s current on-chain statistics, which have echoed a buzz across the crypto horizon.
150M Ripple Transfer & 45M Whale Dump Amid SEC Settlement Speculations
Intriguingly, the crypto market is abuzz with talks of a looming settlement between Ripple and the SEC in the XRP lawsuit. Pro-Ripple lawyers Bill Morgan and Fred Rispoli have already commented on their expectations of a final judgment in the remedies briefing by the end of July or early August.
In the interim, the American blockchain payments company’s native token has pumped phenomenally. CoinMarketCap’s data shows that the token extended its weekly gains to 38% today.
Amid the abovementioned developments, Whale Alert’s data revealed a staggering 150 million coins, worth $87.49 million, moved from Ripple to the unknown address rP4X2. This transaction has captured noteworthy attention, fueling speculations over its potential motive.
For context, the address rP4X2 has previously been reported by CoinGape Media to have received similar massive amounts of XRP. This, in turn, builds speculations that the transaction might be a potential mover by Ripple to capitalize on the ongoing bull run.
Additionally, Whale Alert revealed that the renowned whale address ..Rzn moved 45.07 million coins to the exchanges Bitstamp and Bitso in two transactions.
Also Read: XRP Price Breaks $0.59 Amid Massive Whale Activity, Rally To Sustain?
XRP Price Soars
Meanwhile, Ripple’s token’s price noted a significant 11.50% uptick over the past day to rest at $0.609. Its 24-hour bottoms and peaks were $0.5343 and $0.61, respectively.
Coinglass data underscored a market uptrend as the token’s futures OI surged 20.23% to $818.02 million today. Further, even the derivatives volume spiked 55.62% to $5.15 billion, underlining rising investor interest in the asset.
However, the RSI inched more towards the overbought territory, reaching 76, hinting that the price may witness a setback ahead.
It’s worth noting that XRP’s resistance of $0.6 has been breached today. It remains crucial for the token to hold firm above it for further gains amid the ongoing Ripple SEC settlement talks.
Also Read: XRP Healthcare (XRPH) CEO Hints At Major Development, Here’s All
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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