A notable increase in significant XRP transactions has been detected over the past day, suggesting heightened activity among large-scale cryptocurrency investors. On Tuesday, July 23, major XRP holders or whales acquired more than 74 million XRP tokens. This significant buildup of XRP occurs at a critical juncture, as the legal battle between Ripple and the SEC is approaching its final decision in the remedies phase. 
<h2 id="xrp-whale-transactions">XRP Whale Transactions</h2> 
According to Whale Alert, the latest transaction involved the accumulation of a staggering 26.42 million XRP. This transaction, equivalent to $16.02 million, was initiated from Binance toward an undisclosed wallet. Moreover, an <a href="https://coingape.com/xrp-news-whales-buy-48m-after-in-re-ripple-lawsuit-developments/" target="_blank" rel="noopener">XRP whale</a> accumulated 23.65 million XRP, valued at approximately $14.07 million, from the Binance exchange. 
In addition, another whale scooped up 23.95 million XRP worth $14.72 million from Binance. Moreover, over the past week, whales have purchased over 140 million XRP, valued at approximately $84 million. This buying spree underscores the heightened interest in XRP as the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) approaches a critical juncture. 
This <a href="https://coingape.com/glossary/whale-accumulation/" target="_blank" rel="noopener">whale accumulation</a> suggests that they expect to capitalize on the XRP rally in case of a favorable Ripple vs SEC final remedies ruling. This suggests a bullish sentiment toward XRP, which could have catalyzed the XRP price recovery beyond $0.60 today. However, a notable whale transfer defied the trend. 
This whale dumped 23.10 million XRP, valued at $14.33 million, from an unknown wallet to Bitstamp. Nonetheless, the selling pressure on XRP has been limited lately owing to the significant accumulations noted over the last week. 
Also Read:&nbsp;<a href="https://coingape.com/ripple-xrp-case-news-ex-sec-denies-any-settlement-predicts-final-judgment-time/" target="_blank" rel="noopener">Ripple XRP Case Update: Former SEC Predicts Final Judgment Date</a> 
<h2 id="a-look-at-ripple-vs-sec-case">A Look At Ripple Vs SEC Case</h2> 
The XRP community, often referred to as the “XRP Army,” is on high alert as the case nears its final ruling phase. The anticipation is driven by Judge Analisa Torres’ impending decision on remedies. Recently, speculation about a potential settlement was reignited by several factors. 
These include Ripple’s movement of 150 million XRP and CEO Brad Garlinghouse’s comments regarding settlement possibilities. However, former SEC securities lawyer Marc Fagel recently debunked these speculations. He pointed out the absence of any evidence suggesting a settlement between Ripple and the SEC. 
In addition, Fagel explained that if a settlement had been negotiated, the enforcement staff would have informed the court to delay the remedies ruling while awaiting SEC approval. Such procedural steps have not been observed. Hence, a settlement is unlikely at this stage in the ongoing <a href="https://coingape.com/ripple-xrp-case-update-lawyer-dismisses-sec-meeting-settlement-link/" target="_blank" rel="noopener">XRP lawsuit</a>. 
Moreover, Fagel asserted that the final judgment in the Ripple vs SEC case’s remedies phase is expected within the coming week. He believes Judge Torres will deliver a decisive ruling on the remedies, with Judge Sarah Netburn addressing any remaining motions. 
Also Read:&nbsp;<a href="https://coingape.com/okx-to-delist-xrp-shib-ada-27-crypto-in-btc-and-eth-pairs/" target="_blank" rel="noopener">Just-In: OKX To Delist XRP, SHIB, ADA, &amp; 27 Crypto In BTC and ETH Pairs</a> 
The post <a href="https://coingape.com/xrp-whales-buy-74m-coins-as-ripple-vs-sec-case-nears-final-ruling/">XRP Whales Bag 74M Coins As Ripple Vs SEC Case Nears Conclusion</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Whales Bag 74M Coins As Ripple Vs SEC Case Nears Conclusion

Table of Contents

Coingape News Media

Other articles published on Jul 23, 2024

India’s crypto tax rules remain unchanged despite industry pressure

Binance Labs invests in GameFi platform behind Telegram-based Web3 game Catizen

Crypto Analyst Forecasts 63% Rise in Dogecoin (DOGE)

Cryptocurrency Artificial Superintelligence Alliance Down More Than 3% Within 24 hours

Pepe Unchained Closing In On $5 Million in Crypto Presale – Is This the Next Meme Coin to Explode?

Ethereum ETFs: Potential inflows and Ethereum price impact analysis

Join our free newsletter for daily crypto updates!