Whales Take Advantage of XRP’s Stagnant Price
There has been a notable increase in the buying activity of crypto whales in XRP, indicating that price volatility may soon spike. Whales have recently acquired over 360 million XRP tokens, coinciding with a slight downturn in the token’s price.
Whales Accumulate 360 Million XRP
According to Ali Martinez, BeInCrypto’s Global Head of News, Ripple whales have purchased around 360 million XRP, worth approximately $223 million, in the past week. Despite this buying pressure, XRP’s price has experienced a 1.05% decline in the past 24 hours and a marginal decrease of 0.36% over the past month.
However, it is important to note that XRP has seen an 82% increase year-to-date, indicating positive growth overall.
The recent accumulation of XRP by whales could potentially lead to a price upswing towards $0.75 as it temporarily reduces market supply.
Ripple Reveals SEC Settlement Offer
Ripple’s Chief Legal Officer, Stuart Alderoty, revealed that the US Securities and Exchange Commission (SEC) had proposed a settlement before initiating the lawsuit against Ripple in 2020. The SEC’s proposal involved categorizing XRP as a security and allowing time for market compliance.
However, Ripple rejected the offer on the grounds that XRP does not meet the definition of a security and that the SEC lacks a comprehensive framework for crypto compliance.
Ripple’s primary objective throughout the case has been to demonstrate that XRP is not a security. Earlier this year, they achieved a significant victory when Judge Analisa Torres ruled that programmatic sales of XRP do not constitute an investment contract.
Hot Take: Whales Accumulating XRP and Ripple’s SEC Battle
The recent accumulation of XRP by whales suggests that a price increase may be on the horizon. This, combined with Ripple’s ongoing legal battle with the SEC, creates an interesting dynamic for XRP investors and the cryptocurrency market as a whole. As Ripple continues to fight for its position and challenge the SEC’s classification of XRP, the outcome of this case could have significant implications for the future of regulatory clarity in the crypto industry.
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