Ripple XRP whales are getting active on the markets, pumping the trading volume of the asset ahead of Monday’s SEC filing. The trading volume of the asset is up 121.26% in the last 24 hours, despite price slumping by 6% in the past seven days. With whale activity up, a positive result from Monday’s expected filing could indicate a bullish rally for XRP in the coming week.
At press time, XRP is down to $0.5154. April was a rough month for the asset, in part due to the ongoing SEC case. Holders were also optimistic of a surge for the token as well as the entire cryptocurrency market due to the Bitcoin Halving event, but that didn’t come to fruition.
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However, high whale activity typically generates hype around an asset, and this rings true in XRP’s past. According to the on-chain data tracking platform, Whale Alert, whales have purchased nearly 75 million XRP from Binance over the weekend. This reveals the increasing confidence of investors in Ripple’s native asset.
That confidence in Ripple XRP is very optimistic with the SEC filing due Monday. Judge Sarah Netburn set today’s deadline for the SEC to file its reply in the ongoing legal dispute with Ripple Labs. The SEC’s response follows Ripple’s motion to dismiss the SEC’s expert submissions aimed at strengthening its case.