As the legal battle between the Securities Exchange Commission (SEC) and Ripple is nearing its end, XRP witnessed significant whale movements in the last 24 hours. The transaction also spikes speculation of further activity by XRP Whales.
According to the blockchain tracker, WhaleAlert, a large XRP holder transferred a massive 37.39 million XRP tokens to Bitstamp, a popular crypto exchange valued at approximately $16.06 million, which was made known through an unknown wallet. The major dump comes ahead of the expected conclusion of the Ripple vs SEC case.
SEC Vs Ripple Battle To End Soon By July
Fred Rispoli, a well-known advocate of Ripple has provided the possible end dates for the ongoing battle between the SEC and Ripple. He has suggested that it could be resolved by either July 31 or July 13. Notably, July 13 is a significant date as it marks the anniversary of a key ruling by Federal Court Judge Annalisa Torres. On July 13, 2023, Judge Torres concluded that XRP is a commodity when sold to the general public.
The decision was a landmark moment for the Ripple enthusiasts which had led to a 100% price surge in XRP’s price. Moreover, it also set a precedent that has been influencing other legal battles in the crypto arena.
The Ambiguous Regulatory Environment!
Notably, Judge Amy Berman Jackson of the US District Court had dismissed SEC’s charges against Binance, which pertained to the sales of BNB tokens on the secondary market. To Ripple’s advantage, the ruling emphasized the inconsistency and ambiguity that arises from litigating digital assets on a ‘case by case, coin by coin, court after court’ basis.
Ripple used this ruling to its defense to highlight the regulatory uncertainty that prevails in the crypto industry. It aimed to show that Ripple did not act with ‘reckless disregard’ for the law, given the unclear regulatory environment.
However, the XRP whale dump signifies that the bullish sentiment over the SEC case settlement is seen shrinking. The crypto market is witnessing a significant downturn currently which might have prompted the XRP whale to make the move to limit losses. XRP is currently trading at $0.4355, 0.68% up in the last 24 hours.
