This week started with important news for crypto followers. The U.S. Securities and Exchange Commission (SEC) rejected Ripple’s appeal in an ongoing lawsuit.
After this decision, large investors, called “whales,” quickly bought millions of dollars worth of XRP. This caused the price of XRP to rise sharply by more than 10%, reaching $3 per token.
Ripple and SEC Court Battle Continues
Ripple and the SEC have been fighting in court for months over the future of XRP. In March, the SEC tried to withdraw the lawsuit, and both sides agreed to drop their appeals. But recently, the SEC decided to reject Ripple’s appeal.
Also, Ripple failed to convince a judge to lift a restraining order or reduce a $125 million fine. This decision surprised many, but a former SEC lawyer said the commission will soon file a final statement rejecting the appeal.
Why Did Big Investors Start Buying XRP?
After the SEC’s news, “whales” started buying XRP rapidly. Many investors believe XRP’s price hit its lowest point and is now ready to grow. With less selling pressure, more buyers entered the market, pushing the price up.
XRP Price and Market Trends
In the last day, XRP’s price stayed between $3 and $3.10. This shows some resistance at the $3 level. Trading volume dropped a little, meaning investors may be waiting for new news.
Another key event was a large transfer of 20 million XRP (worth $60.6 million) from a South Korean exchange to an unknown wallet. South Korean markets are important for XRP because of their high trading volume.
What Happens Next?
Investors are watching closely for any new news from the SEC or court decisions. The future price of XRP will also depend on whether large investors continue buying and on the activity in South Korean markets.
XRP’s price has grown despite uncertainty, but the coming weeks will show how the situation will develop.
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