XRP Leads Altcoin Surge as Ripple Prepares for Potential SEC Lawsuit Victory

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Ripple Labs-backed XRP price led the top altcoins in bullish recovery in the past 24 hours on Tuesday, following the brief Bitcoin (BTC) pump above $67k. According to the latest market data as of this report, XRP price traded around 55 cents, up approximately 2.2 percent in the last 24 hours. 

The large-cap altcoin, with a fully diluted valuation of about $55 billion, has gained over 10 percent in the past seven days, thus signaling the end of macro consolidation soon.

Crypto Whales are Bullish on XRP

Having established a robust support range between 49 and 62 cents, XRP price has signaled the onset of a fresh macro bull rally ahead. Furthermore, it is already well known that altcoins closely follow Bitcoin price action after every halving event. 

$XRP dropped from $0.62 to $0.41, and #crypto whales took notice. They've bought over 31 million #XRP in just the past week! pic.twitter.com/3FCA3PR3hi

— Ali (@ali_charts) April 23, 2024

According to a popular crypto analyst, Ali Martinez, XRP whales, with 10M and 100M units, accumulated more than 31 million coins in the past week alone. 

Ripple Anticipates a Win Against SEC

Ripple executives have been celebrating the recent revelations that some U.S. SEC lawyers have resigned on the grounds of corruption in the Debt Box case. Notably, the US SEC vs. Ripple case is on the verge of ending as settlement talks escalate on different social media platforms. 

Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing… https://t.co/GLcdsyInZW

— Stuart Alderoty (@s_alderoty) April 23, 2024

In the latest update, Ripple’s attorneys filed a motion to oppose the SEC’s motion for remedy and entry for final judgment. Basically, Ripple has vehemently rejected the SEC’s bids for a $2 billion fine and proposed at most $10 million.