The XRP price has once again caught the eyes of investors today, amid a slump of over 2% in its price. However, amid the declining prices, the whales seem to be taking the opportunity to buy the dip, as evidenced by the recent series of transactions. On the other hand, the massive buying by the XRP whales also comes ahead of the SEC’s deadline to file their reply on April 29, sparking speculations in the broader cryptocurrency market.

Whales Accumulation Reflects Market Optimism

According to the on-chain data tracking platform, Whale Alert, whales have purchased nearly 75 million XRP from Binance, reflecting the increasing confidence of the investors towards the crypto. For instance, the most recent transaction was conducted by an unknown whale identified by the wallet address “rhWj9….FLQkK”. The whale has purchased 24.05 million XRP, worth around $12.39 million, from Binance today.

Simultaneously, another whale with wallet address “rfQ9E…k8Cvi” accumulated 26.33 million XRP, worth $13.56 million, from the same crypto exchange. Besides, one more transaction was noted recently, where a whale “rhLTH….rtNXN” bought 24.11 million XRP from the Bitvavo exchange.

Meanwhile, the whales seem to be regaining confidence in the XRP crypto, ahead of the major anticipated development in the Ripple Vs. SEC lawsuit next week. For instance, yesterday also two whales accumulated around 46 million XRP from Binance, indicating that the traders are shifting their focus toward the crypto.

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XRP Price Ahead Of SEC’s Deadline To File Its Reply

Magistrate Judge Sarah Netburn has set a deadline for the Securities and Exchange Commission (SEC) to file its reply in the ongoing legal dispute with Ripple Labs. The SEC’s response, due by April 29, 2024, follows Ripple’s motion to dismiss the SEC’s expert submissions aimed at strengthening its case. 

Meanwhile, Ripple is given a timeline of three business days to file their response with the SEC. Notably, this scheduling update comes amid Judge Netburn’s recent nomination as District Judge in the Southern District of New York, maintaining her oversight of the case. 

However, despite the massive whale accumulation, the XRP price failed to maintain an upward momentum amid a broader crypto market selloff. For context, the overall crypto market, along with the major cryptos like BTC, SOL, SHIB, and others, have witnessed a sharp decline today.

As of writing, the XRP price was down 2.25% and traded at $0.5142, while its trading volume fell 27% to $959.03 million. Notably, the crypto has touched a high of $0.5294 and a low of $0.5104 in the last 24 hours, reflecting the highly volatile scenario in the market.

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The post XRP Price: Whales Buying Heavily Ahead SEC Filing Due April 29 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am