#XRP vs SEC
XRP whales shifted 73 million coins, sparking speculations as chances of a cross-appeal by Ripple against the US SEC in XRP lawsuit grows.
XRP whales took the broader crypto market by storm on Thursday, moving millions of coins amid rising speculations of a cross-appeal by Ripple against the U.S. SEC. Recent on-chain data pointed out that nearly 73 million coins shuffled in the past 24 hours, sparking discussions among market participants.
XRP Whales Transfer 73M Coins, Ripple To File Cross-Appeal Ahead?
As per data provided by the blockchain tracker Whale Alert on October 10, 73.16 million coins was recorded to be transferred by XRP whales over the past day. The renowned address ending ..Rzn dumped 21.16 million coins, worth $11.05 million, to the exchange Bitso. Subsequently, a staggering 52 million XRP, worth $27.37 million, was bagged from the top crypto exchange Bybit by the address 0xf7788124.
This massive accumulation, in light of rising speculations of a cross-appeal by Ripple, has sparked investor curiosity globally. MetaLawManâs recent X post rationalizes why XRP sales to institutions were non-investment contracts. The attorney draws parallels between âwholesalers,â pointing out that the tokenâs sales to institutions at prices lower than retail exchanges are validated as these are not âinvestmentsâ related to the American blockchain payments company. He further claims that the institutions just bought the crypto at a discounted price whilst there are other choices in the market that offer direct investment opportunities in the firm.
These statements have echoed a global frenzy, hinting that chances of the American blockchain payments companyâs cross-appeal filing are up substantially. Further, itâs also worth noting that the odds of XRP ETF have gained weight recently, adding to investor enthusiasm for the asset alongside the massive XRP whale accumulation. CoinGape Media reported that Canary Capital filed for an XRP ETF with the SEC recently despite regulatory hurdles.
