The recent change in strategy by the U.S. Securities and Exchange Commission (SEC) concerning Ripple has renewed activity among XRP whales. There’s been a sharp increase in the amount of the cryptocurrency being moved, revealing a growing trust in Ripple’s future due to the updated approach of the SEC.
According to the Whale Alert blockchain monitoring system, over 300 million XRP coins were moved in one transaction. Worth approximately $362 million at market prices, this massive move shifted the presumptions about large-scale transfers and showed positive projections for XRP’s future.
Interestingly, despite Ripple’s pending legal issues with SEC, its market activity had been not active for some time. However, the recent significant movements by whales have boosted speculations about the prospective trends in the XRP price.
Among these notable transactions, three were recorded that collectively moved about 301.8 million XRP coins. These were worth around $191.11 million and involved significant transfers between accounts, demonstrating the undermining confidence in the cryptocurrency.
With the SEC’s request for a final judgment, including hefty civil penalties, there’s been an increase in whale activity.
SEC adjustments stir XRP whale transactions
Some have started selling off their holdings due to the potential fine threat of $2 billion. But despite these movements, the final decision from the court is eagerly awaited by all parties involved, which could potentially have an impact on the regulatory landscape for cryptocurrencies.
Recently, Ripple’s associated token has seen a slowdown, probably because of the ongoing legal situation. Reports show that XRP’s price dropped by 2.52% over the past 24 hours and the whole crypto market trend also seems bearish. Despite this, many investors see a favorable outcome in the lawsuit and continue to believe in the inherent value of the Ripple platform. Yet, others warn against undue optimism, suggesting that market direction is greatly dependent on the final decision of the SEC.
