XRP price gathers momentum after Ripple vs. SEC lawsuit edges closer to the final stages.
TheCryptoBasic reported that both Ripple and the Securities and Exchange Commission officially filed summary judgment motions last weekend. This gave investors the idea that the lawsuit’s end date was approaching.
As the Ripple vs. SEC lawsuit edges closer to its end, XRP, the cryptocurrency linked to the Silicon Valley tech company, has continued to record a series of positive developments in the past week.
The most important development is the massive rally of XRP in the past week. According to data from Coingecko, XRP has soared 53.8% in the last seven days.
Within this period, the price of XRP moved from a low of $0.329 to a high of $0.54. The price of XRP has retraced a little to $0.50 at the time of writing.
While filing summary judgment motions by the parties is responsible for the XRP price surge to a large extent, Ripple whale activities may also have played roles in the rally.
Hundreds of millions of XRP have been shuffled between unknown whales and addresses on cryptocurrency exchanges this month so far. Interestingly, these large transactions involving XRP do not seem like they will be ending anytime soon.
185 Million XRP Shuffled in 24 Hours
Cryptocurrency whale tracking service, Whale Alert, has continued to observe large volumes of XRP transferred between exchanges and unknown wallets. According to Whale Alert, a total of 185 million XRP were shuffled in the last 24 hours in 3 different transactions. At the current exchange rate, the funds were worth $93 million.
The most significant of them all involved the transfer of 95 million XRP by an unknown whale to another anonymous address. At the time of the transaction, the 95 million XRP was worth $51.18 million.
Roughly 13 hours ago, an unknown whale sent a total of 60 million XRP ($29.17 million) to Bitso, an official partner of Ripple’s On-Demand Liquidity (ODL) service.
Thirty million XRP worth $15.12 million were also sent by an unknown whale to an address on the Bitstamp exchange.