Whales Shift Millions of XRP As Ripple-SEC Legal Battle Intensifies

XRP whales have continued to move millions of the Ripple-backed cryptocurrency, brewing speculation within the crypto community, especially as Ripple navigates an eventful phase in its legal battle with the SEC.

Over 250 Million XRP Moved in Past 24 Hours

Amid Ripple’s ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC), the XRP community has been set abuzz by significant whale movements. 

A major investor recently transferred a staggering 28.8 million XRP tokens, valued at approximately $15.1 million at execution time, boosting confidence in XRP’s future despite the lingering lawsuit. 

However, this was merely a preamble to an even larger transaction that caught the attention of crypto enthusiasts worldwide. An anonymous XRP whale later moved 100 million XRP tokens valued at $53.4 million in a wallet-to-wallet transfer, brewing speculation within the cryptocurrency market. 

Moreover, Whale Alert reported a transfer of a whopping 27.5 million XRP from Binance to an unknown wallet. Meanwhile, another whale shifted 24.6 million XRP to the Bitstamp exchange. Overall, these voluminous XRP movements have raised concerns regarding whether they signal a sell-off or are part of Ripple’s liquidity management strategy. 

Read also: Ripple Stablecoin to Launch on XRP Ledger and Ethereum in 2024

XRP price surges amid intensifying Ripple-SEC lawsuit

Although the SEC was compelled to drop its case against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen after a federal judge ruled on XRP as a non-security, the SEC case against Ripple Labs is yet to be concluded.  

As part of the case proceedings, the Securities Commission filed — under seal — its opening remedies-related brief and supporting documents last month. As revealed by Ripple’s chief legal officer Stuart Alderoty, the SEC requested the judge to stipulate a $2B fine on Ripple.

Reacting to the SEC’s request for penalties, Alderoty upheld that the regulatory agency is “bent on wanting to punish and intimidate Ripple and the crypto industry at large.” Thus, he described the U.S. SEC as a “regulator that trades in statements that are false, mischaracterized and designed to mislead.” Recall that the SEC issued a Wells notice to Uniswap Labs, indicating intent to sue the decentralized exchange team.

Read Also: Grayscale Digital Large Cap Fund Now Holds Over 16M XRP Upon Rebalancing

Clarifying that there will be no pre-trial conference, he noted that Ripple will file its response to the SEC’s demand for $2 billion on April 22, 2024. The SEC will have until May 6, 2024 to reply Ripple’s counter motion.  

Amid this pivotal phase in the age-long Ripple-SEC lawsuit, investor interest in the XRP Ledger native token has remained high. At press time, XRP is trading for $0.562, up over 7% since the completion of the fourth bitcoin halving.

About Author

2 thoughts on “Whales Shift Millions of XRP As Ripple-SEC Legal Battle Intensifies

Comments are closed.

Verified by MonsterInsights