Onchain data indicates a rise in XRP whale behaviour in the wake of the SEC’s lawsuit.
US regulators have filed a lawsuit against Ripple executives for selling unregistered securities.
XRP whales (those holding between 1 and 10 million XRP) are on a purchasing binge as the litigation between Ripple and the SEC reaches a turning point.
The onchain data of Binance reveals that an anonymous wallet moved 60 million XRP, valued at about $28.03 million at the moment of the transfer. Almost simultaneously, about $28.4 million worth of XRP was transmitted from Bitstamp to another cryptocurrency wallet.
The whales’ hunger has contributed significantly to the recent recovery of the XRP price. According to CoinMarketCap, the price of the cryptocurrency designed for international transactions was $0.387 at the time of writing.
The price has increased by 10% over the previous day and decreased by 11% over the past week. Nonetheless, the market data aggregator reveals that the trade volumes, which are presumably inflated by whales, are 69% higher than $2 billion.
Despite the robust trading activity in XRP, new developments are occurring in the lawsuit between Ripple executives and the U.S. Securities and Exchange Commission. The newest development in the almost two-year-long lawsuit is the extension of deadlines for the watchdog.
Judge Analisa Torres of the United States District Court for the Southern District of New York has extended the deadline for submitting reply briefs from November 15 to November 30. In addition, the length of reply briefs has been increased from 45 to 55 pages.
Also Read: Huobi Subsidiary Unable To Withdraw Over $18 Million In Crypto Assets From FTX
Wallets