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XRP Price Crosses $2.30 As Whale Wallets Hit Record Highs

By: the coin republic|2025/05/09 19:45:04
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The rise of open interest and trading volume for XRP has been observed after the United States Securities and Exchange Commission (SEC) filed a settlement agreement with Ripple Labs. According to market data, XRP’s open interest increased by 14%, while trading volume grew over 100% within 24 hours. This development comes after several years of litigation that is now at its final stage with a formal court filing on the part of the SEC.SEC Finalizes Settlement Terms With RippleThe SEC announced that it has filed a settlement agreement with Ripple Labs, its CEO Brad Garlinghouse, and co-founder Chris Larsen. The agreement resolves the civil case brought by the agency in December 2020. The case involved allegations that Ripple conducted unregistered securities offerings through the sale of XRP.The proposed settlement states that Ripple will pay $50 million out of a previously proposed $125 million penalty. The remaining $75 million will be returned to Ripple if the court agrees to dissolve a standing injunction. This injunction had placed the penalty funds in escrow following a final judgment in August 2024.According to the SEC’s litigation release published on May 8, the settlement is part of its updated approach to regulating the crypto industry. The commission stated that it seeks to end this particular enforcement action in order to better focus on broader policy developments in the sector. It emphasized that this decision does not reflect the agency’s view on similar ongoing or future cases.Source: FilanLaw/ XAttorney James K. Filan explained that the next step involves a ruling from Judge Analisa Torres. The judge must confirm whether she would approve the dissolution of the injunction. If approved, both parties will request a remand from the U.S. Court of Appeals for the Second Circuit. Once granted, the funds will be distributed, and both parties will dismiss their appeals.XRP Trading Volume and Open Interest Increase SharplyTrading activity of XRP was on the increase after the news had accompanied the settlement. According to CoinMarketCap data, the volume of XRP skyrocketed, with over 100% increase within 24 hrs, with about $4.8 billion volume sold. The total value of open contracts for derivatives also increased by 14% as shown by an increase in interest by the traders.There was an increase in activity following the announcement by Crypto Rover who posted on X platform about the SEC settlement with Ripple. The expansion in volume and attention indicates that traders have addressed legal ambiguity surrounding XRP.According to Coinglass derivatives data, there is a sharp rise in XRP trading volume, noting a 139.38% increase and a 15.76% rise in open interest. These figures indicate a strong short-term response from both retail and institutional traders.Source: CoinglassThe XRP has reached the $2.40 mark and also moved above its 50-day simple moving average, suggesting a return of buying momentum. However, analysts note that the token still faces resistance at the $2.60 level.Market Conditions and Whale Activity Influence XRP PriceRecently, analytics platform Glassnode’s data clearly shows that the number of wallets that hold 10,000 or more XRP tokens has crossed all-time highs. In particular, addresses with 10K+ tokens currently outnumbered 300,000.Source: LordOfAlts/ XDuring April, whales sold 370 million XRP, yet large buying resumed as the token dropped toward $2.07. These movements suggest that larger investors see value in XRP at current levels, especially with the legal case resolution.XRP’s price saw resistance near $2.29 in late April but has now surpassed $2.25, which was a key barrier. Analysts report that a sustained close above $2.60 could signal a change in trend. However, if XRP falls below $2, the price could decline further toward the $1.72 to $1.61 range.The latest business moves made by Ripple, such as the $1.22 billion purchase of Hidden Road and talks with the issuer of USDC, Circle, imply that the firm is getting ready to grow now that the lawsuit is almost over. The company is expected to pursue its strategic growth on both U.S. and international levels.The post XRP Price Crosses $2.30 As Whale Wallets Hit Record Highs appeared first on The Coin Republic.

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