In a recent tweet, Santiment, a prominent cryptocurrency analytics firm, revealed a significant surge in the number of XRP whale wallets holding 100 million or more coins. As of now, the count stands at 199, marking a notable increase and reaching the highest level since May 13th.
XRP, which holds the position of the #4 market cap asset in the cryptocurrency space, has been capturing significant attention throughout July. It has emerged as one of the top trending topics in the crypto community.
Moreover, analysts have observed a moderate price correlation between XRP’s value and the fluctuations witnessed in these massive whale wallets. Given the current market conditions, this correlation could have implications for the overall XRP market.
As of the latest price analysis, XRP is currently trading at $0.7272. The token has undergone a reversal from its previous rally and is experiencing a decline of approximately 3.06% in the weekly chart and a 2.23% decrease in the daily chart. Additionally, the trading volume has decreased significantly by 29.02%, amounting to $1,368,674,447.
According to data from PricePredictions.com, XRP’s technical analysis indicates a long-term bullish trend, suggesting a potential price increase of $0.00912 over the next 7 days. By July 31st, 2023, the price is expected to reach $0.73857. However, in the short term, the machine learning algorithm predicts a bearish trend for XRP.
XRP Scores Legal Victory As Appeal Faces Time Hurdle
In a recent twist to the Ripple Labs vs. SEC courtroom battle, crypto lawyer John Deaton has come forward to assert that the appeal made by the Securities and Exchange Commission (SEC) does not pose a significant threat to Ripple’s recent legal victory.
In light of the recent ruling by federal district judge Analisa Torres, it has been stated that XRP, Ripple’s token, is not considered a security unless it is sold to institutions for fundraising purposes. This victory holds significant importance, as emphasized by Deaton.
The legal dispute between Ripple and the SEC commenced in 2020. The SEC accused Ripple of conducting unregistered securities offerings, resulting in $1.3 billion being raised. Following the ruling, SEC Chair Gary Gensler expressed disappointment with certain aspects, noting potential implications for other tokens under regulatory scrutiny.
However, Deaton emphasized that reaching a decision on any potential appeal could take approximately two years, leaving the Torres Decision as the prevailing law in the meantime. Despite ongoing legal complexities, Ripple and its supporters maintain an optimistic outlook regarding the outcome.
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