XRP whales shift 140M coins as Ripple-SEC lawsuit nears end
These movements occurred as Ripple edges closer to resolving its legal dispute with SEC
On November 29, two major XRP whale transactions totaling 139.39 million tokens were flagged by blockchain tracker Whale Alert.
One transaction saw 104.39 million XRP, valued at $167 million, moved to an unknown wallet.
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A second transaction shifted 35 million XRP, worth $52.28 million, to another address.
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These movements occurred as Ripple, the blockchain payments company, edges closer to resolving its legal dispute with the U.S. Securities and Exchange Commission (SEC).
The transactions have fueled speculation about potential insider confidence in Ripple’s impending legal outcome. XRP prices remain resilient, trading at approximately $1.69, reflecting a 16% daily surge despite a 25% drop in trading volume.
Ripple's legal milestone
The Ripple vs. SEC case has captured global attention, particularly as recent court decisions appear favorable to Ripple. The court has approved an expedited judgment process, a pivotal step toward a potential resolution. This development has stoked optimism within the XRP community and broader cryptocurrency market.
Ripple's legal challenges stem from allegations by the SEC that XRP qualifies as an unregistered security. Ripple has consistently denied these claims, arguing that XRP functions as a decentralized digital currency.
Implications for XRP and the market
Market analysts suggest that the whale movements could signal bullish sentiment, reflecting confidence in Ripple's case. However, skeptics warn of potential profit-taking if the case drags on or an unfavorable ruling emerges. Analysts also predict that if Ripple secures a victory, XRP could rally significantly, potentially reaching the $13 target outlined by Elliott Wave analysis.
Investors and traders are closely monitoring whale movements and legal updates, as Ripple’s victory could set a precedent for regulatory clarity in the cryptocurrency sector.
We've already reported that Ripple secures favorable ruling as court expedites judgment.
