Has XRP finally caught its wave? It seems so. The cryptocurrency experienced a remarkable surge of over 20% within an hour.
Data from Whale Alert attributes this surge partly to several large XRP transactions from the crypto exchange Binance, totaling more than $57 million. These transactions included five separate transfers, each consisting of 18 million XRP tokens.
It's currently unclear whether these transactions were made by a single entity or multiple investors. This activity could indicate significant purchases by large investors (whales), possibly even by a single party.
Are Whales Betting on the Ripple Case? The substantial purchases by these large investors might be linked to the anticipation of the outcomes of the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). This case is approaching a critical phase, with significant developments potentially on the horizon.
Recent adjustments in the court schedule between Ripple and the SEC have led to the postponement of several critical deadlines, which could have significant implications for the case's outcome.
Specifically, the SEC has moved the deadline for submitting its opening brief to March 22, 2024. Ripple has been given until April 22, 2024, to formulate their response. Following this, the SEC has been granted an additional period until May 6, 2024, to submit a reply to Ripple’s defense.
XRP Heading to $1.50?
Noted crypto experts interpret the recent growth as the beginning of a significant price increase, predicting that XRP could potentially rise to $1.50.
These positive expectations are fueled by the general upward trend of Bitcoin (BTC), which is expected to have a domino effect on other altcoins like XRP.
Moreover, the recent breakthrough of the digital currency through a long-term declining trend line is seen as a bullish signal for future price developments.
