XRP is on a remarkable upward trajectory, with its price climbing over 10% in the last 24 hours to reach $2.84 as per the data from CoinMarketCap. This surge has drawn significant attention, driven by increasing whale activity and Ripple’s ongoing legal progress against the SEC.
Recent data from Santiment shows a notable rise in whale transactions, with 341 transactions exceeding $1 million recorded within the past 24 hours. Such high-value transactions often indicate growing interest from institutional and high-net-worth investors, boosting market confidence in XRP’s upward potential.
Ripple’s legal battle with the SEC, a key factor influencing the price, intensified as the Securities and Exchange Commission (SEC) reportedly refused to postpone submitting its opening brief in the Ripple lawsuit, which is due on January 15.
Stuart Alderoty, Ripple’s Chief Legal Officer, expressed confidence in their position despite the SEC’s decision. He criticized the agency for wasting resources but reiterated Ripple’s strong stance on the matter.
Also Read: Ripple’s Legal Battle and XRP’s Market Dynamics: Updates and Analysis
Increased Whale Activity and Legal Developments Drive Price
Brad Garlinghouse, Ripple’s CEO, weighed in on the situation, stating that SEC Chair Gary Gensler’s enforcement-driven approach remains ineffective. He reiterated Ripple’s readiness to collaborate with future SEC leadership to resolve the dispute.
The legal battle appears to have strengthened market sentiment, as traders and investors react positively to Ripple’s progress and growing optimism. Coupled with the surge in whale activity, XRP’s market cap has now reached $163.2 billion.
Its 24-hour trading volume stands at $13.35 billion, reflecting a significant 40% increase in market activity and showcasing heightened interest among institutional investors.
Conclusion
As the XRP price approaches the $3 milestone, market participants are closely monitoring whale transactions and further developments in Ripple’s legal case. These elements are expected to play a pivotal role in determining XRP’s performance soon.
Also Read: Charles Hoskinson Praises XRP’s Leadership and Community Strength
