Significant Whale Activity

XRP whales have recently acquired approximately 110 million coins, with its price surpassing the $0.53 mark. This significant accumulation reflects growing market interest in the cryptocurrency. The surge in price and market activity coincides with rumors of a possible settlement in the legal battle between Ripple and the SEC.

Details of the Accumulation

According to Whale Alert, a platform tracking on-chain transactions, nearly 110 million XRP were acquired in recent transfers. Specifically, an unknown wallet “rhWj…LQkK” amassed around 39 million coins worth $20.44 million. Additionally, wallets “rfQ9…8Cvi” and “rarG…bZKk” collected approximately 36 million and 34 million coins respectively. These transactions were primarily executed from Binance, a major cryptocurrency exchange.

Market Reactions and Investor Concerns

Amid the accumulation, a recent selloff of 28 million XRP to Bitstamp has raised concerns among investors, seen as a profit-taking move. Despite this, the massive accumulation aligns with increasing market interest in crypto, fueled by settlement rumors in the Ripple vs. SEC lawsuit.

Anticipations of a Settlement

Rumors suggest that Ripple and the SEC might reach a settlement soon. The SEC’s closed-door meeting scheduled for July 18 has intensified these speculations. Additionally, July 13 marked a significant date when Judge Torres ruled that XRP is not a security, a decision celebrated by Ripple executives.

Future Projections

The price of XRP has shown a significant increase over the weekend due to these speculations. Analysts, including Dark Defender, have offered bullish predictions for XRP’s future. Dark Defender noted that a close above $0.53 could push XRP to $0.6044 and potentially to $0.6649. He also suggested that the XRP/BTC pair has bottomed out, anticipating a rebound.At the time of writing, XRP’s price was up by 0.73% to $0.5328, after reaching a high of $0.5396 for the day. However, its 24-hour trading volume dropped by 42% to $1.53 billion, following a significant surge over the weekend.