XRP price surged to a two-year peak of $1.77, lifting its market capitalization to $100 billion, as significant whale activity drew attention on Friday. In addition, over 139 million XRP tokens were transferred between major wallets, igniting discussions about potential market implications. This development coincides with pivotal moments in the Ripple Labs vs. U.S. Securities and Exchange Commission (SEC) lawsuit, adding intrigue to the crypto’s performance.
XRP Price Surges Amid Whale Activity
Whale Alert data, dated November 29, revealed two substantial transactions involving XRP whales. One wallet, labeled rBJ.., shifted 104.39 million XRP tokens, valued at approximately $167 million, to another wallet identified as rhD.
Separately, a second transaction saw 35 million XRP, worth $52.28 million, moved from wallet rBE.. to another wallet marked rsX. These transfers have fueled speculation among market participants about XRP price trajectory, particularly as Ripple’s legal battle against the SEC edges closer to resolution.
As of writing, the XRP price soared 20.23% to $1.74 on Friday. Though the market cap fell to $98.96 billion, touching the $100 billion mark still holds massive significance as it’s the first time since the ATH in 2018.
After a stunning 24 hours, XRP market cap hits 100 billion. pic.twitter.com/GZuK63m0Q5
— bill morgan (@Belisarius2020) November 29, 2024
Amid these developments, the Ripple token’s market movements have become a focal point for traders. The crypto’s recent rally saw it surpass Binance Coin (BNB) in market capitalization, underscoring its growing market prominence.
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The whale transactions, combined with legal advancements, have heightened global interest in XRP, driving speculation about its future direction. Analysts expect the XRP price to surge beyond $2 soon. In addition, experts have predicted a range of $8 to $30for the token’s long-term trajectory.
The Ripple vs. SEC Legal Saga
The legal landscape for Ripple appears to be shifting, with recent developments in court filings suggesting momentum in favor of the blockchain company. In the latest updates from California district court proceedings, a motion was approved to amend the judgment and stay order in the case.
Both Ripple Labs and the SEC agreed that there was no justification for delaying the final judgment, given the resolution of class claims. The plaintiff also requested an amendment to the judgment to prevent further delays in finalizing the case.
Legal experts have voiced their perspectives on the situation. Former CFTC Chairman Chris Giancarlo, speaking to FOX Business, expressed confidence that the SEC’s appeal might be dropped. For this matter, he cited political shifts, including Donald Trump’s reelection, as a potential factor.
Moreover, lawyers advocating for XRP, such as Bill Morgan, Fred Rispoli, and Jeremy Hogan, also suggested that the ongoing appeal could be withdrawn or dismissed. The conclusion of the Ripple-SEC case, which has spanned years, could offer the much-needed boost to XRP price.
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Also Read: BlackRock & JPMorgan Announce XRP ETF; Ripple Price to Hit $3?
