XRP News: Surge to 7-Year High and Whale Accumulation Spark Market Speculation

XRP has recently surged to a 7-year high, surpassing the $3 mark, driven by significant accumulation by large investors, often referred to as 'whales.' This development has sparked widespread speculation about the cryptocurrency's future trajectory, with market participants debating whether further gains or a correction is on the horizon.

XRP surges to 7-year high above $3 as whales accumulate $3.8B – What’s next?

XRP has surged to a 7-year high, surpassing the $3 mark, as large investors, often referred to as 'whales,' have accumulated $3.8 billion worth of the cryptocurrency. This significant price movement has sparked discussions about the future trajectory of XRP, with market participants speculating on potential further gains or a possible correction.

Ripple’s Co-Founder Chris Larsen Moves $60.5M in XRP Amid SEC Filing

Chris Larsen, co-founder of Ripple, has transferred 20 million XRP, valued at $60.54 million, to an unknown wallet. This transaction occurs as the US SEC files a new appeal against Ripple Labs. The transfer coincides with political events in the US, including the upcoming inauguration of President Trump, which is anticipated to positively impact the cryptocurrency market. Currently, XRP is trading at $3.30, marking an 18.9% increase in the last 24 hours.

XRP Gains Momentum Toward $5 Amid SEC Appeal Challenges

Despite the pressure from the U.S. Securities and Exchange Commission's appeal, XRP has shown significant strength, with market sentiment reaching new highs. Analysts are optimistic about its prospects, predicting a potential breakthrough of the $5 milestone. The SEC's appeal, filed on January 15, 2025, aims to overturn a previous ruling that favored Ripple, arguing that XRP sales to retail investors qualify as unregistered securities offerings.

SEC Appeals Ripple Ruling, Seeks XRP Classified as Unregistered Security

The U.S. Securities and Exchange Commission (SEC) has officially appealed a July 2023 court ruling that partially favored Ripple Labs, continuing its legal fight with the tech company. On Wednesday, the SEC submitted an opening brief to the U.S. Court of Appeals for the 2nd Circuit, aiming to reverse a previous ruling that determined Ripple’s digital currency, XRP, should not be classified as a security when sold to retail investors. In its filing, the SEC referred to the Howey Test, asserting that Ripple’s marketing activities led investors to expect profits, thereby classifying XRP as an investment contract. The Howey Test is a legal framework established in the 1946 SEC v. W.J. Howey Co. case, which the SEC uses to determine whether an asset should be classified as a security.