NAIROBI (Coinchapter.com) – XRP, the cryptocurrency connected to Ripple Labs, is attracting attention as XRP whales transfer $12.5 million, or 24 million XRP tokens. The transfer comes as the SEC’s upcoming April 29th filing deadline are fueling investor interest and speculation about the cryptocurrency’s future. The outcome of Ripple’s legal struggle with the Securities and Exchange Commission (SEC) looms large.
XRP, Ripple’s native token, has generated buzz in the cryptocurrency market due to recent whale activity and ongoing legal developments. XRP whales initiated a massive transfer of 24,118,600 XRP tokens worth approximately $12.5 million from crypto exchange Bitvavo to an unknown wallet has stirred investor interest. This whale movement comes as the ongoing SEC vs Ripple lawsuit approaches a pivotal moment.
Santiment, a crypto analytics platform, revealed that a high percentage of XRP’s supply is currently in profit. It noted that 77% of XRP holders bought their assets at lower prices, highlighting potential undervaluation compared to other top cryptocurrencies.
Legal Battles and a Controversial Speech
Hoskinson sparked the conflict by downplaying claims of SEC bias as mere conspiracy theories. Schwartz, a central figure in Ripple’s ongoing legal war with the SEC, swiftly countered. He questioned Hoskinson’s dismissive stance given the troubling revelations about former SEC official William Hinman’s financial links to Ethereum.
You don’t think any of that is even evidence that his interest in S&C was intended to, and did, influence factors that affected the litigation against Ripple at all?
David “JoelKatz” Schwartz
The ongoing SEC vs. Ripple lawsuit faces a crucial April 29 deadline. This deadline requires the regulator to file its opposition brief in response to Ripple’s motion to strike the SEC’s last-minute expert testimony. The XRP community eagerly awaits the outcome, as it could have significant implications for the case and XRP’s price trajectory.
Aren’t the conventional ETHgate arguments precisely about how it came to be that the SEC drew and interpreted the line in such a way that ETH was on the good side of it and XRP was on the bad side?
Adding fuel to the fire, the “ETHgate” conspiracy theory has resurfaced. This theory alleges that the SEC unfairly targeted Ripple while giving Ethereum preferential treatment. Ripple CTO David Schwartz engaged in a debate with Ethereum co-founder Charles Hoskinson on the matter, highlighting potential conflicts of interest with former SEC director William Hinman and his ties to a law firm with significant Ethereum holdings.
Technical Analysis Signals Potential Bullish Reversal for XRP
After erasing recent gains, Ripple (XRP) is currently trading around $0.50. However, recent price action and technical indicators suggest a potential bullish opportunity for traders who might have missed earlier entries.
The recent technical analysis reveals two critical events that initially offered traders promising entry points. On April 12th and 13th, confirmed high-momentum breakouts occurred. The Connors RSI (CRSI) indicator simultaneously flashed oversold conditions, traditionally interpreted as a “buy signal.”
Additionally, traders who may have missed these earlier opportunities should take note – a second chance could be materializing. Moreover, if XRP’s upward trajectory continues, a substantial 22.5% gain from the current $0.50 level is possible, reaching a target price of $0.62. On the other hand, a dip below the $0.49 support level would negate this bullish outlook.
