The price of XRP is currently hovering in anticipation of a crucial meeting between Ripple Labs and the US Securities and Exchange Commission (SEC) scheduled for July 25th. This follows a period of fluctuation for XRP, which had recently climbed to around $0.62 before pulling back slightly.
Ripple CEO Bullish on Resolution:
Ripple CEO Brad Garlinghouse has expressed optimism that the long-running legal battle with the SEC may be nearing its end. This confidential meeting has fueled speculation within the XRP community that a positive resolution could be imminent.
Whales Accumulate XRP:
Adding to the bullish sentiment, large cryptocurrency holders, often referred to as “whales,” have been accumulating significant amounts of XRP. Over the past week, these whales have snapped up more than 140 million XRP, valued at roughly $84 million. This buying spree coincides with a key ruling by Judge Phyllis Hamilton in the ongoing lawsuit, potentially indicating that whales see an advantageous outcome on the horizon.
Price Performance and Outlook:
Despite the recent pullback, XRP has managed a positive monthly performance of 27.48%, with a high of $0.635 and a low of $0.4003. While the weekly price dipped slightly by 0.07%, the total trading volume remains healthy at $33.59 billion, with a daily average of $1.60 billion.
A positive outcome from the upcoming SEC meeting could be a major catalyst for XRP. If the legal uncertainty is lifted, widespread adoption by financial institutions could follow, potentially driving the price significantly higher. However, investors should be aware that the market remains volatile and the outcome of the meeting remains uncertain.
Recently, whales have accumulated over 140 million XRP tokens valued at around $84 million. This surge in buying pressure is attributed to Judge Phyllis Hamilton’s landmark ruling in Ripple’s ongoing legal process.
