XRP price surges as whale wallet holdings reach 2023 high

native cryptocurrency Ripple Ripple continues its strong upward momentum as XRP price rose 10% in the past 24 hours to approach $0.70.

XRP whales continue to accumulate

Online data shows that as whale wallets continue to accumulate, investor confidence in XRP has increased sharply.

Furthermore, XRP price has not increased since August 2, as recently as $0.68, according to data from crypto analytics platform Santiment.

XRP has gained 23% against BTC over the past week, reaching a three-month high. Additionally, wallets containing 100K ~ 1B XRP have now peaked in 2023.

Currently, XRP holds key price levels, indicating a bullish pattern that could guide its future value. A closer inspection of the chart shows the strength of XRP, as it is currently trading above the 50-day and 200-day exponential moving averages (EMA), a classic bullish sign.

A possible bullish crossover occurs on these EMAs, indicating continued bullish momentum. This technical setup, coupled with the RSI sitting comfortably above 50, suggests buyers are in control, setting a solid foundation for potential upside.

Ripple’s case with SEC grows more optimistic

Markets confident of favorable outcome ripple The ongoing SEC-Ripple lawsuit fueled investor enthusiasm on Sunday.

Although there has not yet been any latest news on the case that has affected investor sentiment, Jeremy Hogan, attorney and partner at Hogan & Hogan, shared his thoughts on the SEC v. Ripple case.

Hogan specifically mentioned the fork issue as the U.S. Securities and Exchange Commission (SEC) imposed a hefty $770 million fine for illegal sales of XRP to institutional investors.

Hogan pointed out that the law gives the SEC the power to demand division, interest and penalties, and the division issue stems from a court ruling that the sale of approximately $770 million in XRP to institutional investors was illegal.

“In short, $770 million is not going to be $770 million, it’s going to be something much less,” Hogan said.

Additionally, Attorney Hogan commented on separation, adding: “First, SEC v. Liu (2020) essentially states that separation is an equitable remedy, which means it must be fair.

In this case, fairness means a violation of net profit, not gross profit. Ripple will therefore deduct business expenses from the total amount. “

He added that it didn’t matter DCA Article 2 reiterates that distributions must be made to individuals or entities that have suffered financial losses from their investments, which treats them as victims.

Therefore, if an XRP buyer purchased the cryptocurrency at $0.30 and the price later increased to $0.60, they would not qualify as a victim and therefore are not guaranteed to have any consequences.

information Bitcoin Synthetic.