Is XRP Looking to Breach $0.60 as SEC Stance in Lawsuit Questionable?

2023-08-22 09:26:10

Crypto analysts have suggested that the price of XRP could go as high as $0.60 following the U.S. Securities and Exchange Commission’s (SEC) change of tact in its lawsuit against Ripple Labs.

Initially, the SEC went after XRP, claiming it was a digital asset security.
However, after Judge Analisa Torres ruled that XRP is not a security when sold to the general public, the SEC seemed to have made a subtle shift in its approach.
In a recent motion for an interlocutory appeal against Judge Torres’ ruling, the regulator described XRP as a computer code with no inherent value.
The wording of the SEC filing ignited hope among the crypto community that the agency would not challenge XRP’s new-found status, thus opening a path for the token to regain some of its value unimpeded.
Data from Santiment suggests large XRP investors may be gearing up for this eventual price rise.

Source: Santiment* According to the data, 221 wallets have collectively accumulated more than 16 billion XRP tokens, each holding between 10 million and one billion XRP.

Interestingly, wallets holding more than 100 million XRP have grown exponentially in the last few days, increasing their collective ownership by about 1.01 billion XRP for a total of 11.03 billion tokens.
In the same period, wallets with between 10 million and 100 million XRP increased their collective holdings by 200 million and now jointly possess about 5 billion XRP.

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