Crypto analysts are predicting a potential surge in the price of XRP, with some suggesting it could reach $0.60. This optimism comes after a notable shift in the U.S. Securities and Exchange Commission’s (SEC) stance in its lawsuit against Ripple Labs.
Initially, the SEC claimed that XRP was a digital asset security. However, a recent ruling by Judge Analisa Torres stated that XRP is not a security when sold to the general public. This ruling seems to have prompted a change in the SEC’s approach.
In a motion for an interlocutory appeal against Judge Torres’ ruling, the SEC described XRP as a computer code with no inherent value. This wording has given hope to the crypto community that the agency may not challenge XRP’s new status, potentially allowing the token to regain some of its value without obstacles.
Data from Santiment indicates that large XRP investors may be preparing for a potential price increase. The data shows that 221 wallets have collectively accumulated over 16 billion XRP tokens. These wallets hold between 10 million and one billion XRP each. Interestingly, wallets with over 100 million XRP have seen significant growth in recent days, adding a total of 1.01 billion XRP to their collective ownership, now totaling 11.03 billion tokens. Additionally, wallets with holdings between 10 million and 100 million XRP have increased their collective holdings by 200 million, reaching a total of 5 billion XRP.
This accumulation of XRP by large investors suggests a growing confidence in the token’s potential value. If the SEC maintains its current stance, it could pave the way for XRP to make a significant recovery.
While the future remains uncertain, the changing dynamics in the SEC’s lawsuit against Ripple Labs have sparked optimism among XRP holders and the wider crypto community. All eyes are now on whether XRP can breach the $0.60 mark and potentially regain its position as a prominent player in the cryptocurrency market.
Disclaimer: This article is not financial advice. The information provided is based on market analysis and does not guarantee future results. Investors should do their own research before making any investment decisions.