As the legal showdown between the Securities and Exchange Commission (SEC) and Ripple approaches its climax, XRP has experienced a notable surge in whale activity over the past 24 hours. This significant transaction has ignited speculation about possible forthcoming developments involving XRP whales.
Blockchain tracker WhaleAlert has revealed a substantial transfer of 37.39 million XRP tokens—equivalent to roughly $16.06 million—from a large XRP holder to Bitstamp, a prominent crypto exchange. This transfer, originating from an anonymous wallet, comes just as the Ripple vs. SEC case is expected to reach a resolution.
What’s really at play?
Fred Rispoli, a prominent Ripple advocate, has suggested potential end dates for the ongoing legal battle between the SEC and Ripple. He indicated that a resolution could occur by July 13 or July 31. Notably, July 13 is significant as it marks the anniversary of a pivotal ruling by Federal Court Judge Annalisa Torres. On this day in 2023, Judge Torres determined that XRP qualifies as a commodity when sold to the public.
Judge Torres’ landmark decision was a game-changer for Ripple enthusiasts, leading to a dramatic 100% increase in XRP’s price. This ruling also set a precedent that has influenced other legal proceedings within the crypto sector.
In a related development, Judge Amy Berman Jackson of the US District Court dismissed SEC charges against Binance related to the sale of BNB tokens on the secondary market. This ruling underscored the inconsistent and ambiguous nature of litigating digital assets on a “case by case, coin by coin” basis, which Ripple leveraged to argue against regulatory uncertainty.
Ripple used this to argue that their actions were not undertaken with “reckless disregard” for the law due to the unclear regulatory landscape.
The recent XRP whale dump suggests a waning of bullish sentiment regarding the SEC case settlement. The broader crypto market is currently experiencing a downturn, which may have prompted the whale’s move to mitigate potential losses. At present, XRP is trading at $0.4355, reflecting a 0.68% increase over the past 24 hours.
Read Also: Is Ripple Dumping XRP? Large Transfer Raises Eyebrows Ahead of Escrow Release
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