The ongoing legal dispute with the SEC has coincided with the price increase. Data, however, showed that whales had recently been adding XRP coin.
According to the whale warning, over 451 million XRP coins have been transferred to numerous unidentified wallets over the course of the last day. The overall cost of the deal is about $173 million. The current boom has mirrored the rise in interest in the coin on social media.
The largest transaction, however, was completed on the FTX platform. A whale wallet made a single purchase of around 150 million XRP. The acquisition cost about $58.48 million. In the meantime, Ripple transferred 50 million XRP tokens to an unidentified wallet. The deal was estimated to be worth $58,4 million.
After many arduous weeks, the whale purchase has assisted in the price increase of XRP. Over the last week, the price of the XRP cryptocurrency has increased by more than 22%. While managing to increase by 16% over the course of a day.
At the time of publication, the native coin of Ripple was trading for an average price of $0.41. The 24-hour trading volume for XRP cryptocurrency has increased by 30% to $3.09 billion. After the current market crash, it is still holding a total market cap of about $20.7 billion.
In the XRP token lawsuit, the SEC and the defendant Ripple recently filed a petition for summary judgement. According to experts, Ripple will benefit from these documents in the important dispute.
According to CoinGabbar, John Deaton, an Amicus Curiae in the case, drew attention to significant gaps in the SEC's motion. He stated that there will be no expert testimony used by the commission. However, there is no professional opinion that tries to demonstrate the price of XRP's relationship to Ripple's work.
However, in the midst of a protracted legal dispute with the SEC, Brad Garlinghouse, the CEO of Ripple, recently met with the CFTC Commissioner and left the community of XRP with some ambiguous words.
