In an unexpected move, Ripple whales have purchased a staggering 110 million XRP tokens, worth approximately $55 million, over the past two weeks. This significant investment showcases confidence in XRP, despite the ongoing legal battle with the Securities and Exchange Commission (SEC).

XRP Price on the Rise

In the last 24 hours, XRP's price has surged by over 3%, delighting investors. Currently trading at $0.5174, XRP has broken through the $0.5114 resistance level and moved away from the $0.4974 support level. The 12.39% increase in trading volume over 24 hours suggests a continued upward trend in the short term. Additionally, the XRP/TRY pair has seen a 3% increase, with a price of 16.7 TL.

Whale Purchases Impact Market Sentiment

This large accumulation of XRP by whales could significantly impact the market and potentially trigger a shift in market sentiment. The positive outlook on XRP's future performance reflects confidence and may encourage more investors to enter the market. Notably, the 46.56% decrease in XRP volume options suggests a potential decline in speculative trading activities.

SEC Lawsuit Uncertainty

The case between Ripple Labs and the SEC is entering a new phase. Ripple has applied to Judge Torres to seal certain documents related to the SEC's Decision and Remedy Requests. The view that the sealing of documents could affect the transparency of the case has created a greater impact on the lawsuit. Despite this uncertainty, whale purchases demonstrate confidence in Ripple's future.