Whales Accumulate XRP Despite Lawsuit

The strong close of Wall Street on the last trading day of the week resulted in Bitcoin (BTC) altcoins lighting green candles on the daily. Ripple’s XRP, which is in lawsuit with the United States Securities and Exchange Commission (SEC), came to the fore by making a strong exit amid the accumulation of crypto money whales.

Cryptocurrency analyst Ali Martinez, who is closely followed by investors, reported that in the last few weeks, crypto money whales have taken action in anticipation of a rise in XRP, and they have purchased 52 million XRP coins for just over $22.9 million in the last 3 weeks.

On-chain data seems to be giving mixed signals for XRP. Accordingly, the social dominance of the popular altcoin dropped to 1,228 percent. The metric measures the relative volume of people in the asset compared to the other top 100 cryptocurrencies by market cap. The drop in the metric for XRP reveals a drop in hype and investor interest in the altcoin.

Lawyer Jeremy Hogan recently predicted that the lawsuit between Ripple and the SEC would be concluded by July. The lawyer shared this prediction while responding to a recent video in which Ripple CEO Brad Garlinghouse stated that the case would be settled within weeks.