Ripple’s native cryptocurrency XRP is on a roll over the last week defying the broader market momentum and making big gains. As of press time, XRP is trading 30% in the last 24 hours breaking past the crucial resistance of $0.50.
With this, XRP has also extended its weekly gains to more than 62%. The latest price move comes as the crypto community expects a positive outcome over Ripple’s legal battle with the SEC. XRP has now climbed up to become the sixth largest crypto by market cap and eyeing a spot in the top five.
Also, the accumulation of XRP by the whales is reaching new highs. As on-chain data provider Santiment explains:
The price ratio of $XRP/ $BTC has hit a one-year high of 0.000025 on the continued optimism of a potential settlement of #Ripple with the #SEC. Active shark & whale addresses holding 1m to 10m $XRP have been in an accumulation pattern since late 2020.
Ripple CEO on Recent Developments
Back in December 2020, the U.S. SEC slapped a lawsuit on Ripple stating that the sale of XRP through the 2013-ICO is subject to securities law. However, Ripple has been defending its position for almost two years claiming no violation of securities laws.
During his appearance on Fox News on Thursday, Ripple CEO Brad Garlinghouse quoted the judge stating:
“The SEC has not been following the law in the pursuit of an outcome. The SEC has lost its way turning a cuckoo for cocoa puffs”.
He further noted that Ripple doesn’t hold any investment contract for the XRP for it to qualify as a security. Garlinghouse also touched upon the Hinman speech which the SEC has been blocking access to for a while.
The Ripple CEO also spoke about the recent comments made by Jamie Dimon calling the crypto market a Ponzi scheme. Garlinghouse said that noble people like Jamie Dimon and Warren Buffett have been attacking crypto over the last two years. But he added that “we have reached a point where the industry is not going away and we are here to stay”.