XRP Surges 6% Amid Ripple’s SEC Lawsuit Progress

Key Takeaways

• XRP price is up 6% in the past week
• Trading volume surpasses $1 billion
• Technical signals trending bullish
• Over $53 million XRP was transferred recently

The XRP price has climbed 6% higher in the past seven days as Ripple steadily moves toward victory in the U.S. SEC lawsuit. Regulators took Ripple to task on the accusation that XRP qualifies as a security and should be regulated as such. Traders are confident that XRP-issuer Ripple will be vindicated in court and their favorite cryptocurrency will be freed to soar. 

Trading volume has reentered the $1 billion range as traders have become emboldened over their conviction in this asset. The strong volume and rising price are a one-two punch to regulators, who according to Ripple Founder Brad Garlinghouse have been left embarrassed by the weak complaint.

At that time, he said he believes that the legal fight will come to an end sooner than later, likely in H1 2023. He says XRP has the “law and the facts” on its side. 

 

Courthouse Victory Potential and XRP Price

The interesting thing to consider about XRP is that a potential courthouse victory might not be reflected in the current price. Not only that but XRP has lagged the broader crypto market’s gains lately, another indication it could have more room to run.

 It’s trading near its range of $0.41-$0.43 that it achieved around the time Ripple’s Garlinghouse showed his hand in the SEC lawsuit. The technical signals, more specifically the moving averages, are also trending bullish on the XRP price. While XRP is off its highs of the year, it seems to have momentum on its side. 

Major XRP Transfers Signal Big Moves Ahead

Dozens of crypto whales are among those bracing for some action in the XRP price, which is only fueling more anticipation of what could unfold in the short term. 

Twitter account Ali shared that in recent weeks, roughly 50 whales with up to $100 million in XRP joined the Ripple army. And according to The Twitter account Whale Alert, more than $53 million in XRP was recently transferred from one unknown wallet to another. They are preparing for something big, one way or another.