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Whales bullish on XRP as Ripple vs. SEC battle nears anxiously-anticipated end

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on May 27, 2023
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  • Whales increasingly accumulate XRP as markets expect Ripple vs. SEC case to end by July.
  • XRP gained around 2% over the past 24 hours.
  • However, on-chain stats reveal fading hype for the alt.

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Cryptocurrency prices appear lucrative on Saturday as Bitcoin and alts turn green. However, Ripple (XRP) stole the show as far as price actions in the top ten cryptos are concerned. The remittance token surged around 2% over the last day. Meanwhile, accumulation by large wallet holders contributes to XRP’s enhanced sentiment.

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XRP traded at 1.77% up during this writing, changing hands at $0.4726 with a $24.5B market capitalization. Moreover, cryptocurrency whales have turned bullish over XRP within the past few weeks. They have scooped 52 million tokens worth around $22.9 million (over the past three weeks).

Meanwhile, Ripple continues to dominate crypto news wires amid the SEC lawsuit. The case now approaches a summary judgment. However, Ripple deals with a recent shock as Kylie Chiesul Kim, one of the firm’s counsels, withdrew from the crypto company. 

Ripple vs. SEC lawsuit to end by July

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While the crypto community watches the ongoing Ripple vs. SEC legal fight, Attorney Jeremy Hogan recently forecasted that the case would resolve by July 2023. Hogan was reacting to the latest clip where Brad Garlinghouse, Ripple CEO, stated that the lawsuit would end in the coming weeks.

He added that the securities regulator has attempted to hide Hinman’s testimony. Nonetheless, Invezz.com reported that the court denied SEC’s motion to seal Hinman’s docs. Meanwhile, on-chain data shows fading hype for the remittance coin. XRP’s social dominance plunged to 1.228%.

The social dominance index measures the volume of mentions compared to other assets in the top 100 list by market cap. Thus, the drop means a dip in the asset’s interest/hype.

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