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Ripple Whales Make a Splash Amid SEC Turmoil, Accumulating 360 Million XRP. 🐳🦘🤑
Ripple whales have orchestrated a strategic move, amassing a whopping 360 million XRP, valued at a substantial $223 million. This intriguing development unfolds against a backdrop of price stagnation for XRP and heightened criticism of the US Securities and Exchange Commission (SEC) by Ripple executives.
Whale Activity:
Over the past week, the crypto seas witnessed a frenzy as whales aggressively dipped into XRP, hinting at potential upcoming price volatility. BeInCrypto’s Global Head of News, Ali Martinez, brought to light the significant accumulation, setting the stage for what could be a thrilling market ride.
Market Overview:
Despite the recent buying spree, XRP currently treads water at approximately $0.61694, reflecting a 1.05% decline in the last 24 hours. While the past month saw a marginal decrease of 0.36%, the year-to-date performance boasts an impressive 82% increase.
Price Speculation:
Observers and market enthusiasts are speculating that the recent whale activity might temporarily reduce market supply, potentially paving the way for a price upswing towards $0.75 in the coming days.
Ripple's Stand Against SEC:
In the midst of the SEC tempest, Ripple's Chief Legal Officer, Stuart Alderoty, unveiled a crucial detail – the SEC had proposed a settlement before initiating the lawsuit in 2020. The bone of contention? The SEC's desire to classify XRP as a security, a classification that Ripple vehemently rejected. Ripple's refusal was grounded in the belief that XRP does not fit the security definition, and the SEC lacks a comprehensive crypto compliance framework.
Legal Victory:
Adding a significant twist to the tale, earlier this year, Ripple emerged victorious in a pivotal legal battle against the SEC regarding the classification of XRP. Judge Analisa Torres ruled that the programmatic sales of XRP do not constitute an offer or sale of an investment contract.
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