There is growing optimism that a settlement is on the horizon between Ripple and the US Securities and Exchange Commission (SEC). Recently, 150 million XRP tokens coins were moved from a Ripple Labs wallet to the notable ‘rP4X2’ wallet on 17th June 2024.
XRP Holders Anticipate End Of ‘Ripple v/s SEC’ Case
Data from blockchain analytics account, WhaleAlert, showed a transfer of 150 million XRP, (worth $87.49 million), from Ripple Labs to the unknown address rP4X2. This transaction in particular is fuelling theories over its potential motive.
Many in the community are pondering if this huge sum will be used to fund a final settlement with the SEC.
Notably, the ‘rP4X2’ wallet address has received similar, large amounts of XRP from Ripple Labs in the past.
💰The @Ripple team transferred 150 million $XRP to an unknown wallet 💱, $XRP price climbs 🚀 Is settlement with #SEC rumor true👀
🤔Comment your opinion on $XRP price prediction👇
🔔Follow @CoinGapeMedia https://t.co/zVcfCxlmzk
— Crypto News (CoinGape) (@CoinGapeMedia) July 17, 2024
EXPLORE: 3 Steps to Buy Ripple (XRP) Instantly – A Beginner’s Guide (2024)
Pro-XRP Lawyer Counts On A Win, Believes There Will Be No Settlement Figure
Meanwhile, pro-XRP lawyers Fred Rispoli & Bill Morgan have long been vocal about a final judgment in Ripple’s case with the SEC will come by the end of July or early August.
Last month, Morgan stated his belief that there will be no settlement figure as Ripple Labs has already won many key motions in the case.
🚨BREAKING: Pro-XRP lawyer Bill Morgan reaffirmed that @Ripple Vs SEC will not witness any settlement as the company already won many key motions! #XRP
💥RIPPLE WILL WIN THE SEC CASE💥 pic.twitter.com/a82twiDl1k
— JackTheRippler ©️ (@RippleXrpie) July 13, 2024
Bullish Price Action For XRP
As speculation rises on the outcome of this long stretched case, the native token of Ripple Labs has been rallying in recent days. Per CoinGecko data, XRP is up 39.6% over the past 7 days as it breached a key resistance level of $0.6 today, and is currently trading at $0.611.
Amid the growing speculation surrounding Ripple, trading volume for XRP is also going parabolic. On 15 July 2024, XRP registered $1.79 billion in trading volume and the very next day, its volume had almost doubled to $3.36 billion.
The $0.6 stick resistance level for XRP was recently breached. It will be a crucial level to hold with the ongoing Ripple v/s SEC battle reaches a climax.
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Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.