- Recent data shows that whales and speculators are heavily accumulating ahead of a possible breakout.
- Driving interest is a possible IPO announcement or SEC settlement in the upcoming victory party on September 29th.
Recent data shows that capital inflows in XRP have increased by $8 million increase in Open Interest. This comes ahead of a potential positive development around Ripple Labs, the XRP developer. In addition, since the start of the month, whales are increasingly accumulating XRP tokens adding approximately 30 million XRP coins to their balances.
Experts speculate that the recent developments in the market are driven by the hugely anticipated ‘victory party’ by Ripple Labs. After the courts ruled that XRP is not a security, Ripple has planned a proper victory party in New York City on September 29, 2023, to celebrate its win.
Later this week, as in today maybe? 😃
— Oskar Arnarson (@oskararnarson) September 1, 2023
After previously hinting that the company behind XRP might seek an initial public offering (IPO), some experts speculate that CEO Brad Garlinghouse is likely to announce plans to take Ripple public. This would make it the second major crypto firm to go public after Coinbase. Linda Jones, a well-respected figure in Wall Street, holds an optimistic perspective on XRP. She contends that acquiring Ripple stocks now, priced at roughly $40, before the anticipated Initial Public Offering (IPO), is a wise decision. Jones further anticipates that Ripple will have greater success than Coinbase as it has substantial growth potential.
On the other hand, some are speculating that during the party, Ripple will announce a settlement deal with the SEC. Although the courts have ruled that XRP is not a security, SEC has expressed intent to appeal this decision. Known to settle with crypto firms, the SEC which senses an impending defeat might be willing to settle with Ripple to save face. For Ripple, after nearly three years of legal battles with the regulator, a settlement could offer the best solution to close this case and focus on network development.
Either of these announcements would be massive for XRP and the community. For now, it looks like the case of “buy the rumor, sell the news” led by whales. As the event nears, rumors will be swirling in the community and with investors notorious for Fear of missing out (FOMO), prices will be fueled to rally.
Related: XRP Lawsuit Update: Ripple vs. SEC Settlement Possibility Explored by XRP Lawyer
At the time of press, XRP is exchanging for $0.50 after a 2 percent drop in the last 7 days. With this support holding, bulls can look upward at the $0.55 resistance. Once broken, the next major target is $0.60 with $0.55 acting as support.
In the event that both predictions aforementioned come true, which is a real possibility before the end of the year, investors anticipate a price explosion with XRP revisiting its all-time high of $3.40 nearly 5 years ago.
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