XRP Whales Bag All-Time High Coins as Ripple (XRP) Decouples From Market, Trashes Resistance Levels

Ripple's native crypto XRP decouples from the current market sentiments as it bagged a major regulatory win against the US Securities and Exchange Commission (SEC).

After a long-drawn legal battle with the US Securities and Exchange Commission (SEC), Ripple finally managed to secure a major regulatory victory as XRP whales went on to hit all time high (ATH) levels.

According to US District Judge Analisa Torres of the Southern District of New York, 1,278 institutional sale transactions by Ripple violated securities law. As a result, the blockchain firm was ordered to pay $125 million in civil penalties, thus concluding the legal dispute.

XRP whales scooped up 83M coins

As reported by Santiment, wallets holding 1 million to 10 million coins on the XRP Ledger (XRPL) attained a new peak. These whale wallets now hold 7.06 billion coins (approximately valued at $4.42 billion).

? XRP's market cap has skyrocketed once again, growing by +23% in the past 24 hours. Wallets holding between 1M-10M coins on the XRP Ledger now hold an all-time high 7.06B coins ($4.42B), and the project's social media discussions are at their highest levels since January. pic.twitter.com/QjEzIZGQAJ

— Santiment (@santimentfeed) August 7, 0224

1 million-10 million XRP wallets increased their holdings by 10.4%, adding more than 662.4 million coins since the beginning of August. However, Ripple’s native crypto also recorded its highest social dominance since January 30, 2024.

According to WhaleAlert data, crypto whales purchased 83.3 XRP (approx worth $49 million) in multiple transactions over the last 24 hours. The biggest transaction recorded by the tracker was a whale buying 60 million XRP (approx worth $36.8 million) from Upbit.

XRP price soared by 25% in the last 24 hours, breaking through several resistance levels. Its 24 hour trading volume increased by more than 200% to stand at $5.055 billion. At press time, Ripple’s native crypto is trading at an average price of $0.605.

According to data provided by Coinglass, over $11.23 million worth of positions set on XRP price action were liquidated in the last 24 hours. More than $6.40 million of liquidated bets (57%) were on short positions, indicating that traders were expecting XRP to continue on the downward trajectory, in the meantime, the token’s price shot up due to the legal victory against the US SEC.

Ripple respects the court’s decision on $125M fine

In a post, Ripple CEO Brad Garlinghouse stated that the regulator sought a $2 billion fine against them, which was reduced by 94% by the court. The blockchain firm respects the court decision as they now have the clarity to grow the company. He called the lawsuit win a victory for Ripple, the industry and the rule of law.

Stuart Alderoty, Chief Legal Officer of Ripple, also commented on the final judgment. The court rejected the commission’s suggestion that Ripple acted recklessly and she reminds the SEC that this case did not involve any allegations of fraud or intentional wrongdoing, and no one suffered any financial harm. He mentioned that Ripple respects the $125 million fine imposed for certain historic sales to sophisticated third parties.

A final judgment. The Court rejects the SEC’s suggestion that Ripple acted recklessly and she reminds the SEC that this case did not involve any allegations of fraud or intentional wrongdoing, and no one suffered any financial harm. She rejects the SEC’s absurd demand for $2B in… https://t.co/RbwpBnoXJG

— Stuart Alderoty (@s_alderoty) August 7, 2024

The above is the detailed content of XRP Whales Bag All-Time High Coins as Ripple (XRP) Decouples From Market, Trashes Resistance Levels. For more information, please follow other related articles on the PHP Chinese website!