XRP Price: Have the XRP Bulls and Whales Given Up Ahead of the Summary Judgment?

Author: Sohrab Khawas

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    The price of Ripple (XRP) is falling as it is currently flashing bearish signals. While the price of Bitcoin has significantly increased over the past few days, the price of Ripple has been stagnant, with no direction, and is currently trading in a tight range.

    This may possibly be related to Ripple CEO Brad Garlinghouse disclosing his company’s exposure to the now-defunct Silicon Valley Bank (SVB), which caused a little fall in the XRP token’s daily chart.

    Apart from that, it was also reported that the BSC whales have temporarily stopped accumulating XRP. The top 100 BSC whales currently hold XRP tokens worth $26.87 million, according to the most recent data. Nonetheless, among the top 4000 largest BSC whales for the past 24 hours, XRP made the list of the top 10 cryptocurrencies bought. 

    Over the previous week, the XRP price has been trading in a narrow range and in the last seven days, its price has decreased by over 7%. The coin is now down more than 5% in the last 24 hours, trading at $0.36.

    Ripple vs SEC

    The summary ruling in the legal dispute between Ripple and the Securities Exchange Commission (SEC) is anticipated by the cryptocurrency world, and it is anticipated to be announced before the end of March. The XRP lawsuit’s Amicus Curiae noted that the decision would be delivered in a few weeks.

    In the most recent development, US attorney Jeremy Hogan speculated in a tweet on March 9 that presiding judge Analisa Torres may already have decided whether XRP is a security.

    District Court Judge Torres made a decision regarding the upcoming Expert Testimony in the most recent XRP lawsuit filings. According to the ruling, both parties’ requests to exclude testimony have been partially granted. This marks the exclusion of expert testimony that was biased against Ripple and XRP.

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