Speculation around a potential Ripple SEC settlement has intensified following the transfer of 150 million XRP coins. XRP’s price continues its upward trajectory, with the next resistance level at $0.6649.
Ripple SEC Settlement Speculations Rise Amid 150M XRP Transfer
Amid growing speculation of a Ripple SEC settlement in the ongoing XRP lawsuit, on-chain metrics have sparked widespread interest in the crypto industry. On July 17, nearly 195 million XRP coins were transferred across exchanges, including a significant 150 million moved from Ripple. This activity has fueled rumors of a potential settlement, coinciding with a bullish trend in XRP’s price.
150M Ripple Transfer & 45M Whale Dump Amid SEC Settlement Speculations
The crypto market is buzzing with talks of a potential settlement between Ripple and the SEC regarding the XRP lawsuit. Pro-Ripple lawyers Bill Morgan and Fred Rispoli have predicted a final judgment by the end of July or early August. Meanwhile, XRP has experienced significant price gains, with CoinMarketCap reporting a 38% increase in weekly gains.
Whale Alert data revealed a substantial transfer of 150 million XRP coins, worth $87.49 million, from Ripple to an unknown address (rP4X2). This transaction has garnered significant attention and speculation about its purpose. The address rP4X2 has previously been reported by CoinGape Media to have received similar large amounts of XRP, suggesting that Ripple may be capitalizing on the current bull run.
Additionally, Whale Alert data showed a prominent whale address (..Rzn) moving 45.07 million XRP coins to exchanges Bitstamp and Bitso in two transactions.
XRP Price and Market Trends
XRP’s price has seen a notable 11.50% increase over the past day, reaching $0.609. The token’s 24-hour range was between $0.5343 and $0.61. Coinglass data highlighted a market uptrend, with futures open interest (OI) surging 20.23% to $818.02 million and derivatives volume spiking 55.62% to $5.15 billion, indicating rising investor interest.
However, the Relative Strength Index (RSI) has edged closer to the overbought territory, reaching 76, suggesting a potential price correction ahead. Despite this, XRP has breached the critical resistance level of $0.6. Maintaining this level is crucial for further gains amid the ongoing Ripple SEC settlement talks. The next target, as identified by crypto market analyst Dark Defender, is $0.6649.