Ripple’s Legal Battle Heats Up: Whales Buy $84M in XRP Amid Settlement Speculations

Ripple’s (XRP) legal battle with the U.S. Securities and Exchange Commission (SEC) has seen significant activity, intensifying the focus on potential resolutions. As highlighted by Ali Martinez, a top analyst, over the past week, XRP whales have made headlines by purchasing more than 140 million XRP, valued at approximately $84 million. 

This surge in whale activity coincides with a notable uptick in XRP’s price, which currently trades at $0.601158. This price spike is attributed to increasing speculation about a settlement and growing buzz around an XRP ETF, particularly influenced by trading volumes in Asian markets like South Korea.

The Ripple case, closely monitored by investors and legal experts, is currently in the remedies phase. Judge Torres is expected to deliver a final ruling soon, with some predicting a decision by the end of July or early August. 

Speculation about a settlement has been fueled by Ripple’s recent transfer of 150 million XRP and comments from Ripple CEO Brad Garlinghouse. Despite these rumors, former SEC lawyer Marc Fagel has cast doubt on the likelihood of a settlement. 

Fagel emphasized that if a settlement had been reached, it would likely be announced in court rather than in closed-door meetings. Additionally, the court would have been notified to delay the remedies ruling pending SEC approval.

Fagel’s comments add to the ongoing debate about the future of Ripple’s case. His assertion that a final ruling is imminent aligns with the views of other legal experts, such as Bill Morgan and Fred Rispoli. These experts believe that the court will soon decide on the penalties associated with the case, dismissing the notion of a settlement in the near term.

As per Coinglass data, the XRP derivatives data analysis reveals a slight decline in trading activity, with the volume decreasing by 1.34% to $2.55 billion and open interest dropping by 0.32% to $806.62 million. 

Notably, options volume has plummeted by 46.56%, now at $584.98K, while options open interest has risen by 15.02% to $290.99K. Despite the overall cautious trading environment, the liquidation data indicates significant short liquidations, especially in the 24-hour timeframe, where $663.92K in shorts were liquidated compared to $1.38M in longs.