Following the SEC’s settlement filing, XRP price surged 10% to $2.4, with daily trading volumes increasing by 23% to over $5.5 billion.
By Bhushan Akolkar
Editor Julia Sakovich
Updated
2 mins read
Following the US Securities and Exchange Commission (SEC) filing a settlement agreement, XRP XRP $2.22 24h volatility: 0.8% Market cap: $129.99 B Vol. 24h: $2.17 B price has surged 10%, moving all the way to $2.4, with daily trading volumes surging 23% to more than $5.5 billion. Market analysts point out heavy whale accumulation for the XRP cryptocurrency, which could set the stage for a further rally.
Prominent crypto analyst Ali Martinez has revealed that whales have significantly increased their holdings of XRP. Over the past month, large-scale investors have accumulated more than 880 million XRP, underscoring heightened interest. This surge in whale activity aligns with broader bullish sentiment in the cryptocurrency market.
Whales have accumulated over 880 million $XRP in the past month! pic.twitter.com/SQWf2U1yZB
— Ali (@ali_charts) May 8, 2025
Crypto analyst Javon Marks has drawn comparisons between XRP’s 2017 price breakout and its current market structure. In 2017, XRP exited a pennant pattern and surged past the 2.618 Fibonacci level, reaching approximately $2.13.
Marks further noted that in late 2024, XRP broke out of a similar but significantly larger pennant pattern. Thus, he added that if XRP follows its historical trajectory and reaches the 2.618 Fibonacci level again, it could result in a price exceeding $123.
Such a move would represent a more than 50x increase from current levels, highlighting the immense potential some analysts see for XRP in the coming months.
In 2017, $XRP BROKE OUT of a pennant pattern then proceeded to push to and above its 2.618 Fib Level which at the time was near $2.1331.
In late 2024, XRP broke out of an extremely similar, yet larger pennant pattern.
A MOVE TO THE 2.618 Fib AGAIN CAN RESULT IN A >$123 XRP ⚡️!… pic.twitter.com/PJliy6p8vt
— JAVON⚡️MARKS (@JavonTM1) May 8, 2025
The SEC and Ripple Labs have taken a significant step toward resolving their protracted legal dispute. In a recent court filing, the SEC requested an indicative ruling from Judge Analisa Torres as part of its settlement agreement with Ripple.
The SEC’s filing seeks to dissolve the injunction issued against Ripple in the final judgment of the XRP lawsuit. Additionally, the agency has requested the release of the $125 million penalty imposed on Ripple, which is currently held in escrow.
This development marks a pivotal moment in the high-profile case as both parties work toward bringing the litigation to a close. Furthermore, this closing of the lawsuit will also give more fuel to the XRP ETF approval by the SEC by the end of the year.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
