President Ripple's confidence in XRP-SEC lawsuit spills onto the whales
The lawsuit between Ripple XRP and the US- Security SEC and exchange commission has raised a wave of concern among XRP investors and traders alike. But It seems like the CEO of Ripple’s confidence in the lawsuit is spilling to the XRP whales.
KEY TAKEAWAYS
- Ripple XRP vs US SEC lawsuit has led to fluctuations in the prices of XRP
- The confidence of the Ripple President is raising bullish sentiment among investors.
Throughout the lawsuit, XRP prices have witnessed fluctuations to a great extent. There were rumors regarding imminent judgment on the lawsuit, which might have been the reason behind the sudden rise in XRP prices. However, the XRP whales despite everything have decided to step up and take the positions.
Whales are able to influence the market, so if they take positions the rest of the investors will have to follow suit. This will ultimately lead to an increase in prices.
Way to increase confidence
On 18th March, the market analytics firm, Santiment, indicated a surge in the count of whale transactions on the Ripple network. Furthermore, The market appeared to be bullish for XRP, with increased accumulation. As around 167 transactions were in the range of $100,000. With quite a similar trend in $1 million range.
Furthermore, to address the rumors the President of Ripple Monica Long debunked any accusations or speculations regarding the involvement of an imminent judgment. She also stated in an interview with CNBC that the final decision rests with the judges. After both parties have submitted their notions. Moreover, President Long was pretty confident of the outcome. Despite that, she cautioned about any speculation regarding timelines.
XRP is strengthening
Unfortunately along with all of the Bullish markers, there are several other bearish indicators. The trade of the Decentralized Exchanges DEXs signifies an entirely different condition. The trade on DEX reached $3.98 million on 24th March. Moreover, there are indicators of several tokens issued and circulating on the ledger.
Nevertheless, Ripple is not alone as it has been receiving support from other firms. Recently Ryan Selkis, the founder of Messari also came out in the support of ripple.