- 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.
Source: Santiment
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.
In a recent interview with CNBC, the president said that both parties have submitted their final motion summaries. When asked about the recent XRP price action and its links to the judgment, Long noted that everything else concerning timelines rests with the judge.
However, the former General Manager and Senior Vice President of the firm mentioned that she was confident about the outcome. Based on the interview posted on CNBC’s official YouTube page, Long said,
“We are optimistic about having a positive resolution sometime this year”
DEX volume mounts the hills, XRP reinforces
Apart from whale involvement, several other metrics have shown preparedness for XRP’s bullish season. A notable one is the XRP volume on Decentralized Exchanges (DEXes). The metric describes the total number of crypto trading with no centralized custodian.
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Up until 24 March, the XRP DEX volume hit 3.98 million. Although it had decreased at press time, the hike implies that there was a lot of interest in the token. Following in the DEX footsteps was the daily amount of XRP Ledger (XRPL) trustlines created. The metric’s revival to -2305 signifies that several XRP tokens have been issued while crossing the zero balance on the ledger.
Source: Santiment
In the meantime, Ripple has been getting support from external parties. For instance, Messari Founder Ryan Selkis, who initially was highly critical of Ripple, openly confirmed his support for the firm on 21 March. He also threw subsequent jabs at the regulator.
I do not respect Chair Gensler or Chair Gruenberg because I understand that we live in a nation of laws w/ separation of powers, and not a kingdom.
They have forgotten that, so we will see them in court.
— Ryan Selkis 🪳 (@twobitidiot) March 23, 2023
