XRP Update: XRP Whale Transfers 37 Million Tokens Amid Lawyer’s Disclosure Of Ripple Vs. SEC Timeline
Over the last 24 hours, XRP has witnessed a massive whale activity. These transactions occur at a crucial time as the legal battle between Ripple and the SEC nears its conclusion. In addition, this activity has fueled speculation of more movements by XRP whales.
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According to Whale Alert, a whale transferred a total of 37.9 million XRP tokens to Bitstamp. The transaction, valued at $16.06 million, originated from an undisclosed wallet. This exchange occurred just before the expected conclusion of the Ripple vs. SEC case.
Fred Rispoli, a prominent Ripple advocate, has shared insights regarding potential resolution dates for the ongoing SEC vs. Ripple case. Rispoli indicated that the case could conclude either by July 31 or July 13. The latter date holds particular significance due to a pivotal ruling by the Federal Court Judge Annalisa Torres.
On July 13, 2023, Judge Torres determined that XRP qualifies as a commodity when sold to the general public. In her Summary Judgement, she stated, “Therefore having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the court concludes that Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act.
This ruling was a watershed movement for the Ripple community, triggering a price surge of over 100% for XRP. Moreover, it established a precedent that continues to impact other legal battles within the crypto industry. Moreover, Judge Amy Berman Jackson of the US District Court for the District of Columbia dismissed some of the SEC’s charges against Binance.
Amid ongoing legal developments, market observers are closely monitoring XRP’s performance. At press time, XRP is trading at $0.439 resistance level. Breaking through this resistance is essential for XRP to potentially initiate a significant recovery. However, even if successful, XRP faces additional obstacles at $0.4350 and $0.450, which may limit its upward momentum in the near term.
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