Whale Moves 3739 Million XRP Amid Ripple vs SEC Case Settlement Speculation
XRP Whales Make Big Moves Ahead of SEC vs Ripple Case Conclusion
As the legal battle between the Securities Exchange Commission (SEC) and Ripple draws to a close, there has been a notable surge in whale activity involving XRP in the past day. This has sparked speculation about further movements by XRP Whales.
According to the blockchain tracker WhaleAlert, a large holder of XRP recently transferred a massive 37.39 million XRP tokens to Bitstamp, a popular crypto exchange. This transaction, valued at approximately $16.06 million, was made through an unknown wallet. The timing of this significant dump is noteworthy, as it precedes the expected conclusion of the Ripple vs SEC case.
Fred Rispoli, a well-known advocate for Ripple, has offered possible end dates for the ongoing legal battle. He suggests that a resolution could be reached by either July 31 or July 13. The latter date holds particular significance, as it marks the anniversary of a key ruling by Federal Court Judge Annalisa Torres. On July 13, 2023, Judge Torres determined that XRP should be classified as a commodity when sold to the general public.
This landmark decision had a profound impact on the Ripple community, leading to a 100% surge in XRP’s price. It also set a precedent that has influenced other legal battles within the crypto sphere.
The recent dismissal of the SEC’s charges against Binance, relating to the sales of BNB tokens on the secondary market, by Judge Amy Berman Jackson of the US District Court, further supports Ripple’s position. This ruling highlighted the inconsistency and ambiguity that arises from handling digital assets on a case-by-case basis. Ripple has used this ruling to argue that it acted within the bounds of the law, given the uncertain regulatory environment.
However, the recent XRP whale dump suggests that the optimistic sentiment regarding a settlement in the SEC case is dwindling. The current downturn in the crypto market may have prompted the XRP whale to make this move in an attempt to limit losses. At present, XRP is trading at $0.4355, showing a 0.68% increase in the last 24 hours.
Tags: Ripple (XRP)