Contact

info@th3fus3.com



© 2024 TheFuse. All rights reserved.

XRP Whales Move Millions as SEC Case End Nears

Speculations about further activity by XRP whales are on the rise

July 9, 2024 01:00 AM

Reading time: 3 minutes, 11 seconds

TL;DR Ripple's XRP has seen significant whale movements in the past few days. This comes as the legal battle with the SEC nears its conclusion.

Ripple's XRP has witnessed significant whale movements in the past 24 hours. As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) concludes, these movements are pivotal. Moreover, it sparks speculations of further activity by XRP whales.

Whale Activity

According to Whale Alert, an XRP large holder, also known as a whale, I transferred 37.39 million XRP tokens to Bitstamp, a popular crypto exchange. This transaction was valued at approximately $16.06 million and was made via an unknown wallet. This exchange dump comes ahead of the anticipated conclusion of the Ripple Vs. SEC case.

Legal Battle Update

Fred Rispoli, a well-known advocate for Ripple and its native token, has provided insights into the possible end dates for the ongoing SEC vs. Ripple case. Rispoli has suggested that the case could be resolved by either July 31 or July 13. The latter date holds particular significance, 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. In her Summary Judgment, 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 decision was a landmark moment for the Ripple community, leading to a surge in XRP's price by over 100%. Furthermore, it also set a precedent that continues to influence other legal battles in the cryptocurrency space. Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia recently dismissed some of the SEC's charges against Binance.

These charges pertained to the sales of BNB tokens on the secondary market. Judge Jackson's ruling emphasized the inconsistency and ambiguity that arise from litigating digital assets on a "case by case, coin by coin, court after court" basis.

She stated, "The court ruled that the SEC failed to allege facts indicating that secondary market sales of BNB tokens on crypto exchanges were securities transactions. The court denied the SEC's claim that Binance's fiat-backed stablecoin, BUSD, qualifies as an investment contract."

Market Performance

Ripple has used this ruling to boost its defense, submitting a notice of supplementary authority highlighting the regulatory uncertainty in the crypto industry.

This argument aims to show that Ripple did not act with "reckless disregard" for the law, given the ambiguous regulatory environment.

However, the XRP whale's exchange dump signals that the bullish sentiment toward the SEC case settlement is waning. The crypto market is witnessing a significant downturn, with the XRP price dipping nearly 4%. Hence, the whale might have made the move to limit losses.

Technical Analysis

Amid these legal developments, XRP's market performance has been under scrutiny. Ripple's XRP has struggled to maintain its position above the $0.4250 resistance zone.

Currently, XRP is trading below the $0.4250 mark and the 100-hourly Simple Moving Average (SMA). This reflects a bearish market sentiment.

Hourly chart analysis of the XRP/USD pair reveals a bearish trend line with resistance around $0.4250. XRP must break through this resistance to initiate a significant recovery. However, even if it succeeds, it faces additional hurdles at $0.4350 and $0.450, limiting its near-term upside potential.

Despite the bearish trend today, XRP managed to surpass the $0.4220 level, and the next target could be the $0.4380 mark.

Beyond this, the $0.450 level stands as a formidable resistance point. Any gains above this could propel the price toward the $0.4650 resistance. However, current technical indicators do not support such a bullish scenario.

Recent trading sessions have seen XRP fail to overcome the $0.450 resistance, triggering a fresh decline.

This pattern mirrors the price movements observed in Bitcoin and Ethereum. As bears dominate, XRP has dropped below critical support levels, including $0.4320 and $0.4250.

Share this

Similar articles
Technology

Ferrari Accepts Crypto Payments in European

The move aims to attract tech-savvy clientele and streamline transactions

2 hours ago
All results loaded