Ripple’s XRP Is on the Rise Thanks to Strong Whale Accumulations

XRP, the altcoin of Ripple, continues its strong upward trend, which now lasts for 2 weeks. It currently features an increase in value of over 10% in the past 24 hours.

Since the start of this year, the price of XRP increased by 97.41%. However, it seems like the massive increase in value is due to the significant support from whales’ accumulation.

Whales Continue to Accumulate XRP

According to the on-chain data, there is an accumulation of whale-level wallet addresses. They continue to increase the investors’ confidence regarding Ripple’s XRP. Santiment, an on-chain analytics platform, noted that this crypto coin has reached levels that were not seen since the 2^nd of August.

It managed to get to a value of $0.71, which is an increase of 26.53% over the last week. Santiment has also stated that the large crypto whales have reached their highest level of the year. These large whales are holding from 100,000 to 1 billion XRP.

At the moment, XRP is at a very important value level. It has formed an optimistic pattern that could determine the future price of this cryptocurrency.

When we take a closer look, we would see that the altcoin is trading above the widely recognized optimistic signal. We can see a strong indication from the 50-day and 200-day Exponential Moving Averages (EMAs).

These EMAs’ possible crossover suggests an ongoing upward momentum. There is a strong foundation for a potential increase in value. This occurs when we pair the technical outlook with a Relative Strength Index (RSI) that is suitably positioned above 50.

A Boosted Optimism for XRP Due to the Developments in SEC – Ripple Lawsuit

There is strong confidence for Ripple over a positive outcome on their ongoing SEC lawsuit. This is something that excited the investors over the weekend. The attorney and partner at Hogan & Hogan, Jeremy Hogan, revealed his expectations regarding this case.

He specifically addressed the issue of compensation as a result of the SEC’s demand for a significant compensation of $770 million. If you aren’t familiar with this case, this sum is due to the alleged illegal sale of XRP to institutional investors.

Hogan noted that the law is giving the SEC the authority to claim penalties, interest, and compensation. But, he also stated that this issue regarding the compensation of $770 million was unlawful. Then, he added that the actual compensation won’t be the exact sum, but a much smaller amount.

The attorney then stated that in the SEC – Lui case in 2020, the court noted that the compensation should be a fair solution. This means that the alleged proceeds from the claimed violations of the law should not be gross, but net. As a result, Ripple will lower its operating expenses from the total.

Lastly, Hogan added that the featured compensation should be given to certain individuals or organizations that are defined as victims. Here, he meant those who had suffered financial losses due to their investment in XRP.