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Ripple Gains New Allies Against the SEC, Improving XRP Price Forecast

Ripple Gains New Allies Against the SEC, Improving XRP Price Forecast

The legal battle between the SEC and Ripple has been ongoing since December 2020. Still, any chance of a speedy resolution is shrinking after both parties challenged the other’s motion for summary judgment. The SEC also requested an extended response period after new companies filed amicus curiae briefs to be part of the case. The number of companies supporting Ripple has now risen to 12. The two are publicly traded cryptocurrency exchange Coinbase and Wyoming-based decentralized autonomous organization VeriDAO. Even crypto influencer BitBoy, who has criticized the XRP community in the past, is now trying to get in on the action.

He recently shared screenshots showing that he applied for the Director of Strategy and Operations position at Ripple Labs. He even dubbed himself the supreme leader of the XRP Army and said that he had changed his mind about the community. However, the SEC does not appear to be withdrawing the case. Many Ripple supporters believe that asking for an extension is another delaying tactic the regulator uses.

Ripple XRP Whales in Action

Meanwhile, various stakeholders are closely monitoring the case. With Ripple’s odds higher now, XRP whales have been moving more tokens over the past few days. BitStamp to an unknown wallet. Around the same time, another wallet transferred 30,000,000 XRP worth $14.25 million in BitStamp. It is not known if the wallets belong to the same person. The number of wallets holding between 1 million and 10 million XRP has also increased in the past few days, suggesting that the whales may be preparing for the outcome of the case.

XRP Price Action

XRP continues to trade within the range, even with a 4.6% gain over the past seven days. But there are several bullish predictions about its performance in the coming months, significantly after it surpassed the 200-day moving average. It currently trades at $0.49, and many expect it to break through 50 cents soon. Nevertheless, it would still be above 80, its all-time high of $3.40.

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