Ripple Price Rally: XRP Trading Volume Skyrockets Amid Whale Accumulation

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The recent displacement of Ripple-backed XRP by Solana (SOL) as the fifth largest digital asset by market capitalization has seen the former’s bulls rise to defend its position. According to the latest market data, XRP’s daily trading volume has spiked more than 23 percent in the past 24 hours to about $1.3 billion.

The large-cap utility altcoin has enjoyed significant support from institutional investors, especially after the notable Ripple win against the United States Securities and Exchange Commission (SEC).

Ripple Free From US SEC’s Shackles?

In late December, US District Judge for the Southern District of New York, Judge Jed Rakoff, ruled in favor of the US SEC that Terraform Labs and its co-founder, Do Kwon, offered unregistered securities through the LUNA and UST digital tokens.

The ruling has sent some shockwaves in the Ripple community, which is awaiting the final trial that is set to happen in April this year. However, Ripple’s Chief Legal Officer Stuart Alderoty has reminded the XRP community that Judge Rakoff did not criticize nor cite Judge Analisa Torres’s Ripple ruling.

I laugh when I see a crypto critic call the Terra ruling “mammoth” and then say Ripple’s victory is “minuscule.” Ripple’s win was a broadside, but even a small crack in a battleship compromises its structural integrity and will eventually sink it.

— Stuart Alderoty (@s_alderoty) December 30, 2023

Increased whale Activity

The past few months have been a bee hive of activity for the XRPL fueled by its top holders. Given that XRP sales on crypto exchanges do not constitute investment contracts, Ripple has accelerated its deposit in associated exchanges like Bitstamp. In the past 24 hours, more than 50 million XRP, worth over $31 million, have been deposited in Bitstamp.

XRP Price Action

From a macro standpoint, the XRP price is fast approaching the apex of the triangle consolidation that began after the 2021 bull run. Similarly, the altcoin attempts to break out of a daily triangle consolidation that could lead to an imminent bullish outlook. A successful breakout will lead the XRP price to the next psychological resistance level of around 94 cents.

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