Big investors in Ripple, known as whales, have snapped up more than 110 million XRP coins in the last fortnight, spending around $55 million. This hefty buying spree reflects growing confidence among major investors in Ripple's digital currency, XRP, despite the ongoing legal tussle with the Securities and Exchange Commission (SEC).

XRP's value has seen a surge in the past day, with a rise of over 1%. Currently, it's trading at $0.5104, marking a resistance point at $0.5114 and a support level at $0.4974. Trading activity in the past 24 hours has shot up by 12.39%, hinting at a continuing bullish trend in the short run.

Moreover, XRP Open Interest (OI) has gone up by 2.2%, suggesting traders are making new bets in anticipation of more price shifts. However, there's been a significant drop of 46.56% in XRP volume options, indicating a potential slowdown in speculative trading.

The accumulation of such a large amount of XRP by big investors could alter market dynamics, possibly indicating a change in market sentiment. Big purchases often signal faith in the asset's future performance, which could draw in more investors. This buying spree comes at a critical time for Ripple, given the ongoing legal battle with the SEC, which has injected uncertainty into the market.

Ripple's Legal Battle with SEC Takes New Twist

The legal showdown between Ripple Labs and the SEC has taken a new twist. On May 13, Ripple filed motions to keep key details about remedy-related documents confidential. Ripple's CFO, Jonathan Bilich, has backed the motion to keep details about discounts offered on XRP to institutional buyers under wraps.

Ripple has asked Judge Torres to keep certain documents linked to the SEC's Motion for Judgment and Remedies sealed. This move has attracted additional attention to the case, as sealing these documents could affect the transparency of the proceedings. The outcome of this legal tangle is crucial for Ripple and the wider cryptocurrency market, as it could establish a precedent for the regulation of digital assets in the future.