Speculation mounts over Ripple SEC settlement amid significant XRP transfer activity and bullish market indicators.
On-chain metrics have once again caused a stir in the broader industry, amid rumors of a forthcoming Ripple SEC settlement in the XRP lawsuit.
On July 17, approximately 195 million coins were recorded as being transmitted between exchanges, with 150 million of those coins being transferred from Ripple.
This chronicle has garnered substantial attention within the crypto industry, as XRP is currently exhibiting indications of a bull run.
This is a comprehensive summary of the current on-chain statistics of the digital asset sponsored by Ripple Labs, which have generated a significant amount of interest in the crypto community.
It is intriguing that the crypto market is currently abuzz with speculation regarding a potential settlement between Ripple and the SEC in the XRP lawsuit.
Pro-Ripple attorneys Bill Morgan and Fred Rispoli have already expressed their anticipation for a final judgment in the remedies briefing by the end of July or the beginning of August.
In the interim, the native token of the American blockchain payments company has experienced a remarkable increase. The token’s weekly gains have been prolonged to 38% today, according to CoinMarketCap’s data.
Amid the aforementioned developments, Whale Alert’s data revealed that an astounding 150 million coins, valued at $87.49 million, were transferred from Ripple to the unknown address rP4X2.
This transaction has garnered significant attention, which has led to speculation regarding its potential motivation.
For context, CoinGape Media has previously reported that the address rP4X2 received comparable substantial quantities of XRP.
This, in turn, generates rumors that the transaction may be a potential mover by Ripple to take advantage of the current bull run.
Furthermore, Whale Alert disclosed that the renowned whale address. Rzn transferred 45.07 million coins to the Bitstamp and Bitso exchanges in two transactions.
In the meantime, the price of Ripple’s token witnessed a substantial 11.50% increase over the past day, ultimately settling at $0.609. Its 24-hour lows and highs were $0.5343 and $0.61, respectively.
The token’s futures OI increased by 20.23% to $818.02 million today, as evidenced by Coinglass data, indicating a market uptrend.
Additionally, the derivatives volume increased by 55.62% to $5.15 billion, underscoring investors’ increasing interest in the asset.
Nevertheless, the RSI continued to trend toward the overbought region, reaching 76, suggesting that the price may experience a setback shortly.
It is important to mention that the resistance of $0.6 for XRP has been breached today.
The token must maintain its position above it in order to achieve additional benefits during the ongoing Ripple SEC settlement negotiations.
