- XRP whale transactions between $100,000 and $1 million have remarkably increased.
- Ripple’s president showed optimism about a win as more people backed the firm.
For over two years, Ripple [XRP] has been locked in a lawsuit with the SEC, led by Gary Gensler. At several points within this period, rumors have flown around that a judgment was near. Unfortunately, none of these reports eventually passed as reality.
Realistic or not, here’s XRP’s market cap in BTC’s terms
The speculation rose again during this week. Surprisingly, it ushered the XRP price action into gains at a time when major cryptocurrencies were struggling to stay afloat. Regardless of whether it was true, XRP whales ensured that they took positions.
More transactions, more confidence
According to Santiment, whale transaction count on the Ripple network hit several highs since 18 March. At press time, there have been 167 transactions in the $100,000 spectrum. It was also a similar case with the $1 million region.
In often cases, a situation like this points to increased accumulation. In turn, it could also create a bullish line of argument for the assets involved. However, Ripple Labs president Monica Long has debunked the rumors that a judgment could happen in the next few weeks.
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Author: Victor Olanrewaju
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