According to on-chain data provided by Santiment, Ripple whales have bought 360 million XRP worth nearly $170 million while the price dropped 12 percent. There are rumors of Ripple intending to buy back 10 billion XRP, although this has not been officially confirmed. The XRP market has been in a falling trend since June, but some experts argue that the daily price action is forming a bullish pennant flag for a potential breakout. The SEC vs Ripple case ruling is expected to be issued soon, and a win for Ripple could result in a bullish outburst towards an all-time high. The accumulation rate of XRP whales has exponentially increased this year, particularly during a recent dip in price. Speculation is that this increased accumulation is related to expectations of a Ripple win in the ongoing lawsuit. Some lawyers argue that only a small section of XRP transactions could be considered securities, while XRP is traded as a commodity in many other jurisdictions.
AI Sentiment: Neutral