XRP has not done well in capitalizing on the procedural wins that Ripple has gained from its ongoing legal battle against the SEC.
Although the asset managed to increase by almost 2% over the last 24 hours, it is still down by 1.6% over past week.
On a 14-day and 30-day period, the crypto is facing losses of 5.3% and 7%, respectively. This year, the 6th largest digital currency in terms of market capitalization has fallen by 58.1%.
The asset continues to trade at a lower price than where it was when it was last priced at.
Whales are trying to buy the dips in Ripple (XRP) as they hope to accumulate a lot of the cryptocurrency.
Major Wallets Hoarding Over $48 Million In XRP
Yesterday, a large number of XRP coins were accumulated by major wallet addresses.
According to the tracker Whale Alert, during the period from June 10-15, 105 million XRPs were added to major wallets.
Among the whale activities, the largest one was a $25.8 million worth of transactions involving the Bitstamp crypto exchange.
We have learned that a significant amount of money worth around $45.4 million was moved away from a wallet named Ripple.
The cryptocurrency market was in the midst of a bearish trend, with 205 million XRP being deposited into unidentified wallets.
Ripple Labs has secured a “crucial document” in a SEC lawsuit.
The SEC successfully complied with a court order that demanded the release of documents that pertained to a 2018 speech made by former SEC Finance Director William Hinman.
According to Hinman, Ethereum, a fellow altcoin of Ripple, is not a security. This makes it hard for SEC to prove that Ripple Labs sold its XRP token as an unregistered security, as this is what they believe it to be.
The firm’s legal team believes this development gave them the victory in the legal battle that’s been going on for almost two years now.
While there are no direct links between this and the recent whale activities that involved Ripple, it makes sense to think that large investors are beginning to accumulate as much Ripple as they can while prices are still low.
This is done in anticipation of the anticipated price rally that XRP will produce once Ripple Labs comes out victorious in the ongoing legal battle.
XRP is now worth $23 billion on the daily chart.
Disclaimer: The analysis is based on the author’s personal knowledge and should not be construed as investment advice.
