Is XRP Looking to Breach $0.60 as SEC Stance in Lawsuit Questionable?

Crypto analysts have suggested that the price of XRP could go as high as $0.60 following the U.S. Securities and Exchange Commission’s (SEC) change of tact in its lawsuit against Ripple Labs.

• Initially, the SEC went after XRP, claiming it was a digital asset security.
• However, after Judge Analisa Torres ruled that XRP is not a security when sold to the general public, the SEC seemed to have made a subtle shift in its approach.
• In a recent motion for an interlocutory appeal against Judge Torres’ ruling, the regulator described XRP as a computer code with no inherent value.
• The wording of the SEC filing ignited hope among the crypto community that the agency would not challenge XRP’s new-found status, thus opening a path for the token to regain some of its value unimpeded.
• Data from Santiment suggests large XRP investors may be gearing up for this eventual price rise.

• According to the data, 221 wallets have collectively accumulated more than 16 billion XRP tokens, each holding between 10 million and one billion XRP.
• Interestingly, wallets holding more than 100 million XRP have grown exponentially in the last few days, increasing their collective ownership by about 1.01 billion XRP for a total of 11.03 billion tokens.
• In the same period, wallets with between 10 million and 100 million XRP increased their collective holdings by 200 million and now jointly possess about 5 billion XRP.