- A popular altcoin that has been in a legal battle with the U.S. Securities and Exchange Commission for years was carried out by a mysterious whale. 500 million dollarsIt increased by more than 11 percent after the first purchase.
Recording the biggest gains among the top 10 cryptocurrencies by market cap, as the overall cryptocurrency market is bearish Ripple (XRP)has surprised many investors in the last 24 hours.
XRP has soared 11 percent in the last 24 hours after a mysterious whale was reported to have purchased $500 million worth of XRP yesterday. This development was shared by CryptoVinco, a cryptocurrency data provider that tracks market updates on the most popular cryptocurrencies, especially Ripple.
After the big buy, XRP rallied from the last 24-hour low of $0.338 to $0.376. Although XRP has dropped slightly at the time of writing and is currently changing hands at around $0.376, the digital currency still remains one of the top performing cryptocurrencies among the top 10 cryptocurrencies by market cap.
According to CryptoVinco, XRP seems to be splitting up in the rest of the crypto market as the price of the asset rises while others continue to fall. The platform thinks that this situation is interesting and that this giant investor may have made this big purchase for reasons we do not know:
“XRP seems to be separating from the rest of the crypto market, with a mega whale buying over $500 million in XRP yesterday while other cryptocurrencies crashed. Do they know something we don’t?”
$XRP seems to be decoupling from the rest of the crypto markets, a mega-whale purchased over $500 million #XRP yesterday while other coins tanked.
Do they know something we don’t? 🚀 pic.twitter.com/uPFRIVh93S
— CryptoVinco (@CryptoVinco) September 17, 2022
Ripple vs. ‘big events’ approaching in SEC lawsuit
According to Attorney Jeremy Hogan, who has been closely following the Ripple vs SEC case, the submission of the opening petitions in the Ripple summary judgment (September 19) and the upcoming ruling in the LBRY case will be two “huge” events that could continue to impact the crypto space for years to come. The first petitions for summary judgment in the Ripple case have already been filed.
Hogan also said that the public is (mostly) optimistic about September 19, which he believes will see most of the trump cards and will be the “end of the game”. With expectations rising ahead of this date, James K. Filan shared in a thread of tweets that only redacted versions of these summary judgments will be available to the public on September 19.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.