XRP price could breakout as whales moved large amounts of tokens amid Ripple case with SEC could end in trial

By Selena 03/9/23 10:27 AM

As AZCoin News reported, according to Scott Chamberlain, the ongoing dispute between Ripple and the SEC may result in another court case. The founder of Evernode XRPL and blockchain attorney kept his ground in response to a tweet regarding the decision to exclude expert testimony from both sides’ cases.

Chamberlain outlined his justifications while pointing out several weaknesses in the arguments made by Ripple and the regulator. The businessman acknowledged numerous relevant facts but said some of the evidence was still ambiguous.

There was a dispute over the lawyer’s viewpoint on the social networking platform. Some claimed Chamberlain had a skewed opinion because he supported Ripple. Others disagreed with the suggestion of another trial.

Whale Alert noted that significant amounts of XRP shifted wallets during the split. In the previous 24 hours, over 112 million XRP were transferred from address to address, according to the real-time capital movement tracker.

🚨 42,000,000 #XRP (16,098,744 USD) transferred from unknown wallet to #Bitstamp https://t.co/RFvTG2uadX

— Whale Alert (@whale_alert) March 7, 2023

The wallet exchange, however, little affected the XRP price. The last 24 hours saw a surge of 4.05% for XRP, according to CoinMarketCap. This ran counter to the attitude displayed by a significant portion of the cryptocurrency industry.

Source: TradingView

The daily chart indicated that XRP would break out. Because of the price’s corrective pattern after its declining channel from 23 February to 7 March, this was the case. After the price increase, the Relative Strength Index (RSI) also left the oversold region. The RSI stood at 57.37 as of publication. This indicates significant XRP buying power and bullish momentum at work.

Source: Santiment

The volume of XRP increased to 1.68 billion in addition to the price increase and whale transactions. The indicator depicts market vigor and enthusiasm for a specific asset. The fact that both the XRP price and its volume increased suggested that the present trend was strengthening to the upside.