The week began with important news for everyone who follows the crypto market: the U.S. Securities and Exchange Commission (SEC) rejected Ripple's appeal as part of a lawsuit against the same commission. In response, large investors, the so-called "whales", began buying millions of dollars worth of XRP, which led to a sharp increase in the price of the asset by more than 10%, reaching the $3 mark.
We dive into the details of this important event to understand what is happening with XRP and why it is worth paying attention.
Rejection of SEC and Ripple appeal
For many months, Ripple and the SEC have been fighting in court, trying to achieve a decision that could significantly affect the future of the XRP cryptocurrency. After the SEC voted in March to withdraw the lawsuit against Ripple, both sides decided to withdraw their appeals to the Court of Appeals of the Second Circuit. The situation remained tense, but at a recent SEC meeting it was decided to reject the appeal.
In addition, Ripple and the SEC were unable to convince Judge Analisa Torres to lift the restraining order and reduce the fine of $125 million. This news caused a storm of emotions, as many expected softer solutions. However, former SEC lawyer Mark Feigel said that the commission will file a final statement rejecting the appeal in the coming weeks.
Why did whales start buying XRP?
When the news of the SEC's decision became known, the market's reaction was not long in coming. "Whales" — large investors in cryptocurrencies — began actively buying XRP, which led to an increase in the price of the token. The reasons for such actions are obvious. Many believe that the price of XRP has reached its bottom, and now the market is ready for growth. In addition, selling pressure in the market has eased, allowing demand to take over.
Expected events and impact on the price
According to the latest data, the price of XRP has fluctuated in the range of $3 to $3.10 over the past 24 hours. This indicates the presence of resistance near the $3 level, which suggests that additional support from investors is needed for further growth. The trading volume also decreased slightly, which may be a sign of the expectation of new developments in the market.
In addition, an important point for the XRP market is the activity of institutional investors. Recently, a huge transfer of 20 million XRP was recorded from the South Korean cryptocurrency exchange Upbit to an unknown wallet. This deal was worth $60.6 million, and it attracted the attention of many analysts. According to experts, South Korean cryptocurrency exchanges play a key role in shaping the pricing policy of XRP, as there is a significant trading volume in these markets.
What to expect next?
Now all attention is focused on possible news from the SEC and the courts that may affect the final resolution of Ripple's conflict with the regulator. Another important factor for the price of XRP will be the decision of large investors and whales to continue buying the asset, as well as further dynamics in the Korean cryptocurrency markets.
The price of XRP has already shown growth amid uncertainty, but how the situation will develop in the coming weeks remains in question.
Do you think it's worth investing in XRP now, or are there risks associated with the uncertainty surrounding the Ripple case?
