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Whales Turn Bullish on Ripple (XRP) As SEC Case Likely to Conclude by July

source-logo  coingape.com 27 May 2023 11:51, UTC

After a strong closing on Friday on Wall Street, crypto markets also seem to be in a good mood with Bitcoin and altcoins turning up into the green. Ripple’s XRP is showing up some moves to the north with 2% gains amid the ongoing accumulation by crypto whales.

As of press time, XRP is trading 1.82% up at a price of $0.4725 with a market cap of $24.5 billion. Over the last few weeks, crypto whales have also turned bullish over XRP and have purchased 52 million XRP coins worth just over $22.9 million over the past 3 weeks, reports crypto analyst Ali Martinez.

Courtesy: Santiment

Ripple continues to be in the news over its ongoing battle with the SEC with the legal tussle now moving closer to a summary judgment. However, in a recent jolt to Ripple, one of the company’s counsels Kylie Chiseul Kim decided to withdraw from Ripple.

Ripple vs SEC Case to Resolve By July

As the ongoing court battle between Ripple and the SEC continues, Jeremy Hogan has recently predicted that the resolution of the case shall happen by July 2023. The legal practitioner was basically responding to a recent video where Ripple CEO Brad Garlinghouse mentioned that the resolution of the case shall happen within a few weeks. In his recent tweet, Hogan wrote:

The Judge in the Ripple case has been making major rulings about every 9 weeks (Sept. 29, Dec.19, March 6, May 16). And the only major ruling left is on Summary Judgment. That comes out to mid-July. NOT a prediction. JUST a pattern.

He also noted that the SEC has been trying to push the testimony by Bill Hinman under the carpet. Coming to on-chain data, the social dominance of XRP has dropped to 1.228%. The metric measures the relative volume of discussions compared to other top 100 assets by market capitalization, so the decrease indicates a decline in the token’s hype and interest.