XRP News Today: XRP Surges 3% as Ripple Drops Cross-Appeal in SEC Case

XRP, the cryptocurrency associated with Ripple, has seen a significant price increase today, reaching $2.17. This upward momentum is primarily driven by a shift in whale behavior, with the 90-day moving average of whale flows turning positive in early May. This metric turning green is notable because the last time it happened, XRP soared 420% in just one month. After months of outflows between January and April, the renewed inflows suggest that whales are showing interest again, possibly preparing for a major breakout in the coming months. This shift in whale behavior has raised investor confidence, with Ripple's CTO David Schwartz confirming more acquisitions are coming.

The growing confidence in XRP is further evidenced by the increase in large and mid-sized wallet holders. Wallets holding more than 1 million XRP have reached a record high of 2,850, while wallets holding over 10,000 XRP have increased by 6.2% since the start of the year, totaling 306,000. This rise in large and mid-sized wallet holders highlights growing long-term investor confidence in XRP, even though the price has remained relatively stable for some time.

Another factor contributing to the price increase is the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC). The near-term XRP price outlook now hinges on the SEC's appeal plans and XRP-spot ETF developments. A breakout from $2.2 and the 50-day Exponential Moving Average could signal a bullish trend. The legal twist stalls XRP rally, as Ripple’s attempt to fast-track resolution hit a speed bump after Judge Analisa Torres denied a joint motion for an indicative ruling. The move halted XRP’s climb toward $2.23 resistance, causing a 4.4% daily decline. Judge Torres emphasized that court decisions cannot be overridden by private agreement, leaving key issues—like institutional sales and compliance terms—still pending. Ripple’s legal chief Stuart Alderoty stated that the decision re-centers the appeal in Ripple’s court, with the company weighing whether to proceed or withdraw. He reiterated that XRP’s non-security status remains unaffected.

Despite the legal uncertainty, there are signs of strength under the surface. Multiple metrics point to growing confidence in XRP. Even as the price retreated, on-chain data showed XRP accumulation continues. The number of wallets holding over 1 million tokens rose to 2,850—marking a rise in both retail and institutional interest. This kind of wallet growth often reflects long-term confidence. Analysts interpret the divergence between falling prices and growing wallet count as a signal of consolidation and preparation for a breakout.

In summary, the price increase of XRP today can be attributed to the ongoing legal developments, growing wallet accumulation, and a positive broader crypto backdrop. Despite the volatility and legal uncertainty, there are signs of long-term confidence in XRP, which could lead to further price increases in the future. The sentiment turned positive also because, finally, after a decade, Ripple will drop its cross-appeal, and the SEC is expected to do the same. CEO Brad Garlinghouse says the Ripple vs SEC case is finally closing. The market reacted positively, with XRP jumping 3%, as traders viewed the resolution as removing a major cloud over XRP’s future. Meanwhile, Polymarket gives a 76% chance of an XRP spot ETF approval by year-end, giving XRP a positive hope to XRP investors. Analysts like XForceGlobal see the recent dip to $1.90 as a healthy setup for the next leg up. If XRP breaks above $2.65, it could open the door to a bigger rally. With Ripple’s ongoing expansion and growing futures demand, sentiment is shifting in XRP’s favor.