The native token of the Ripple ecosystem, XRP, recently attracted the attention of whales. Recent data shows that these large holders moved 180 million XRP tokens in multiple transactions.
These whale activities occurred during a significant development in the ongoing legal battle between Ripple Labs and the U.S. SEC. The judge in charge of the case, Analisa Torres, made a new decision about Ripple’s effort to strike the SEC’s latest evidence.
Speculation Abound as XRP Whales Transfer 180 Million Tokens: What’s on the Horizon?
As XRP gained momentum, there have been four large transfers amounting to over 180 million coins. One of the transfers flagged by Whale Alert involved the accumulating 26.67 million XRP by a whale through the Binance exchange.
This accumulation from a major exchange has fueled hope for a possible XRP price recovery. In another significant transaction, 100 million XRP was swapped between two undisclosed wallets.
This movement raised eyebrows, as it occurred during a significant decision in the Ripple Vs. SEC lawsuit
In addition to the two above, a mystery investor carried out another transaction, sending 27.43 million XRP to the Bitstamp exchange. The same XRP whale transferred 29.74 million XRP, valued at $15.76 million, to the same exchange.
Currently, these large transactions have sparked speculation among investors. Some think they’re planned sell-offs or manipulations. Others believe they’re part of Ripple’s way of managing money, especially with Bitstamp involved.
Ripple and Bitstamp often collaborate to make global money transfers using XRP. However, depending on how investors interpret these transactions, they could affect XRP’s price.
SEC vs. Ripple Case Coincides with Large Whale Movements – What’s Next?
Through various transactions, the XRP community has been abuzz with activities following the large whale movements. During this token movement, a significant event occurred in the fight between Ripple Labs and the U.S. SEC.
WOW! 💥
Pro-Crypto Magistrate Sarah Netburn has been nominated to serve as the District Judge for the South District of New York! 👩🏻⚖️
She is currently presiding over the Ripple vs. SEC case! ⚖️
Check out her opinion on #XRP 🙌🏼https://t.co/szMfEvptKw pic.twitter.com/uocfPIvXKd
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) April 25, 2024
Judge Sarah Netburn was nominated to preside over the Ripple-SEC case. After the nomination, she issued a new order regarding Ripple’s request to dismiss the SEC’s latest expert submissions.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a Motion to Strike new expert materials the SEC submitted in support of its Motion for Remedies and Entry of Final Judgment.https://t.co/k8M84DxDiz
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) April 22, 2024
The court order grants the SEC an extension until April 29, 2024, to respond to Ripple’s motion instead of outrightly striking it out. Additionally, Ripple will have three business days to provide a counter-response after receiving the SEC’s reply.
Ripple is fighting to pay only $10 million against the SEC’s significant demand for $2 billion in fines. Also, the coin’s price has increased by over 4.5%, with a trading volume of $1.2 billion in the past seven days.
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