Solana (SOL) recently replaced Ripple-backed XRP as the fifth-largest digital asset by market capitalization, with bulls in the former rising to defend its position. According to the latest market data, XRP’s daily trading volume has surged more than 23% in the past 24 hours, reaching approximately $1.3 billion.
The large utility altcoin has received significant support from institutional investors, especially after Ripple’s victory against the U.S. Securities and Exchange Commission (SEC).
Has Ripple been released from the shackles of the US SEC?
In late December, U.S. District Judge Jed Rakoff of the Southern District of New York ruled in favor of the U.S. SEC, which found Terraform Labs and co-founder Do Kwon offered unregistered securities through LUNA and UST digital tokens.
This ruling shocked the Ripple community, which is awaiting the final trial to be held in April this year. However, Ripple’s Chief Legal Officer Stuart Alderoty reminded the XRP community that Judge Rakoff did not criticize or quote Judge Analisa Torres’ ruling for Ripple.
increased whale activity
The past few months have been a hive of XRPL activity driven by top holders. Given that selling XRP on cryptocurrency exchanges does not constitute an investment contract, Ripple has accelerated deposits to relevant exchanges such as Bitstamp. In the last 24 hours, over 50 million XRP worth over $31 million were deposited into Bitstamp.
XRP Price Action
From a macro perspective, XRP price is quickly approaching the peak of the triangular consolidation that began after the 2021 bull market. Likewise, altcoins attempt to break out of daily triangle consolidations, which could lead to an imminent bullish outlook. A successful breakout would lead XRP price towards the next psychological resistance level of around 94 cents.