February 8, 2023

Crypto Whales to Accumulate XRP as the SEC Case Against Ripple Nears End

The Ripple and SEC case had kept going on for two years now. However, despite the massive pressure from the SEC, the XRP token has retained its market dominance.

During the last 24 hours, XRP gained 4% and recorded an intraday high of $0.4. The data projections have been issued and confirmed by CoinMarketCap.

The Whale Alert updates indicate that there is a massive XRP transfer valued at 280 million tokens. The fiscal value of this transfer is estimated to be around $1.1 billion. The funds moved between two anonymous wallets recently.

In the same manner, there is another massive XRP transfer from Bitstamp to an unknown wallet address valued at 25 million coins.

The TradingView projections indicate that XRP is on the path to breaking the crucial resistance level of $0.40. On the other hand, the combination of trading signals is still murky and unclear. The MACD results are bullish for XRP. On the other hand, the RSI projections for XRP are in the neutral zone of 50, which can go both ways.

On the other hand, RSI indifference can also be seen as the lack of enough gas to make a breakthrough for XRP. The XRP project has continued to shed the negative press that was attracted by the news about the Coinbase XRP wallet delisting.

Regardless of the bearish news, the XRP token has managed to remain the 7th largest cryptocurrency by market cap with a capital of $19.6 million.

Role of SEC in BlockFi’s Bankruptcy 

The Ripple lawyers have attacked SEC with the allegations of playing an important role in driving BlockFi to bankruptcy. Ripple general counsel Stuart Alderoty mentioned in a recent tweet that the catastrophe was the result of enforced regulations by the SEC.

He pointed out the fact that only a few months after SEC signed a $100 million deal with BlockFi, it went bankrupt.

It is worth mentioning that BlockFi also has a $275 million outstanding loan from FTX. Any types of liabilities on BlockFi from FTX were not properly recorded and remain unknown.

The Ripple and SEC case is expected to conclude in the upcoming year. Both parties have submitted a request for submitting summary judgment to conclude the trial as soon as possible.

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