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Ripple Price Pumps After SEC News: Whales Accumulate XRP

 


XRP has eclipsed every other top 100 cryptocurrency this week , surging 67%. What are the reasons for that?


After months of downward movement, XRP price seems to be finally regaining momentum and bouncing back . One of the reasons for the rapid rise in prices are positive developments in the legal dispute with the US Securities and Exchange Commission (SEC). The SEC has been trying to classify the cryptocurrency as a security since the end of 2020 - with negative consequences for Ripple and its cryptocurrency XRP.


What's the news about the Ripple lawsuit?

Amid rumors of a settlement between Ripple and the SEC, a motion has been granted that would extend the deadlines for requests to have evidence sealed. So far, the SEC has delayed litigation, to Ripple's chagrin. In a few months, however, the case will probably be resolved.


In a recent interview, Ripple CEO Brad Garlinghouse stated that the SEC has lost its way and its actions are completely irrational. In addition, Garlinghouse expects clarity in the legal dispute soon. Garlinghouse's statements helped the XRP price to soar further.


The final date for a request for third-party sealing is December 9, 2022, and the final date for appealing such a request is December 22, 2022, after which a jury is scheduled to rule on the case. This will probably make a positive judgment for Ripple.


Aside from external news heavily influencing investor sentiment, certain technicals and on-chain indicators are also painting a bullish picture for XRP.

The price of the cryptocurrency was hovering around the $0.54 mark at the time of writing and has been rising again in the past few days. In addition, the Ripple price increased by around 67% this week.


On-chain data from crypto analytics firm Santiment shows that “shark” and “whale” addresses (addresses holding between 1 million and 10 million XRP) have been continuously buying XRP since late 2020.

The fact that the Whales and Sharks are increasing their holdings over the long term paints a long-term bullish picture for the cryptocurrency and could favor further price increases.


Furthermore, the price ratio of XRP/BTC hit a yearly high at ₿0.000025. The price thus broke the long-term downtrend that the trading pair had been following for a long time.

Now let's take a quick look at technical analysis. The price rallied after XRP price broke above a descending resistance line. At the same time, the trading volume on the spot and futures markets rose sharply.


The daily chart's RSI is currently in the overbought territory on the sharp rise in price. Nevertheless, the weekly chart's RSI gives us a bullish long-term signal. This has broken out above a descending resistance line. So we may see further price gains soon.

Open interest (the total value of futures positions) increased by 65.43% in just 24 hours. However, due to the massive price increase, XRP shorts worth $14.1 million have been liquidated.

In the short-term, Ripple price may revisit the $0.39 support area due to market saturation.


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