Ripple’s native crypto XRP decouples from the current market sentiments as it bagged a major regulatory win against the US Securities and Exchange Commission (SEC). XRP whales’ holding went on to hit the all time high (ATH) levels following the massive gain of 42% over the last 30 days.
US District Judge Analisa Torres of the Southern District of New York found that 1,278 institutional sale transactions by Ripple violated securities law and ordered the blockchain firm to pay $125 million in civil penalties. Thus, bringing an end to the long running lawsuit.
XRP whales scooped 83M coins
Santiment reported that wallets holding 1 million to 10 million coins on the XRP Ledger (XRPL) had reached a new height. These whale wallets now holds 7.06 billion coins (approximately worth $4.42 billion).
📈 XRP's market cap has skyrocketed once again, growing by +23% in the past 24 hours. Wallets holding between 1M-10M coins on the XRP Ledger now hold an all-time high 7.06B coins ($4.42B), and the project's social media discussions are at their highest levels since January. pic.twitter.com/QjEzIZGQAJ
— Santiment (@santimentfeed) August 7, 2024
1 million-10 million XRP wallets have increased their holdings by 10.4% by adding more than 662.4 million coins since the beginning of August. However, Ripple’s native crypto’s social dominance is also at the highest level recorded since January 30, 2024.
WhaleAlert data depicts that crypto whales bought 83.3 XRP (approx worth $49 million) in multiple transactions over the last 24 hours. The biggest transaction recorded by the tracker turned out to be a whale scooping 60 million XRP (approx worth $36.8 million) from Upbit.
XRP price jumped by 25% in the last 24 hours thrashing several resistance levels. Its 24 hour trading volume skyrocketed by more than 200% to stand at $5.055 billion. Ripple’s native crypto is trading at an average price of $0.605, at the press time.
Data provided by Coinglass data shows that over $11.23 million worth of positions set on XRP price action got liquidated in the last 24 hours. More than $6.40 million of liquidated bets (57%) turned out to be short positions. This suggests that traders were hoping XRP to continue on the downward trajectory, in the meantime, the token’s price shot up due to the legal victory against the US SEC.
Ripple respects the court’s decision regarding a $125M fine
Brad Garlinghouse, CEO of Ripple, in a post stated that the regulator asked for a $2 billion fine against them but the court reduced their demand by 94%. The blockchain firm respects the court decision as now it has the clarity to grow the company. He called the lawsuit win, a victory for Ripple, the industry and the rule of law.
Stuart Alderoty, Chief Legal Officer of Ripple, also made his comments on the final judgment. The court rejected the commission’s suggestion that Ripple acted recklessly, noting the absence of fraud or intentional wrongdoing, and no financial harm occurred. He mentioned that Ripple respects the $125 million fine imposed for certain historic sales to sophisticated third parties.
A final judgment. The Court rejects the SEC’s suggestion that Ripple acted recklessly and she reminds the SEC that this case did not involve any allegations of fraud or intentional wrongdoing, and no one suffered any financial harm. She rejects the SEC’s absurd demand for $2B in… https://t.co/RbwpBnoXJG
— Stuart Alderoty (@s_alderoty) August 7, 2024
