The price of XRP, the native cryptocurrency of the Ripple network, has surged by 13% in the past two weeks. This strength has been pointed towards Ripple’s improving fundamentals fueling XRP’s accumulation.
Crypto whales have been accumulating XRP in large quantities in recent weeks. According to crypto analyst Ali Martinez, whales have acquired over 52 million XRP in the past three weeks, totaling approximately $22.9 million.
The recent whale activity coincides with the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The resolution of this high-profile case is eagerly anticipated by the XRP Army and the wider crypto community.
Pro-Ripple lawyer Jeremy Hogan recently shared his prediction on the Ripple vs SEC case timeline. He suggested that the final resolution would likely occur by July 2023.
In addition to the legal battle, Ripple has been actively acquiring companies globally, significantly boosting XRP’s liquidity.
A notable acquisition has been Metaco, a Swiss crypto custody provider, in a bid to grow its global footprint. Recently, Ripple also purchased Pantera Capital’s stake in the centralized exchange Bitstamp, resulting in the blockchain firm obtaining a controlling stake.
Last week, Ripple’s CEO, Brad Garlinghouse, revealed that the company has over $1 billion reserved for global acquisitions as part of its ambitious business development plan.
