💢 Why do XRP whales continue to buy today despite market turmoil?
Despite the volatility in the cryptocurrency market, major investors (whales) still see XRP as a promising investment opportunity.
During the past week, 95 million XRP worth $237 million was purchased, and another whale bought 17.4 million XRP worth $36.5 million. Additionally, 167 million XRP worth $350 million was transferred. Do these whales know something we don't? 🤔🤔
💢 The prominent case: SEC vs. Ripple
The SEC vs. Ripple case is one of the most impactful legal battles in the cryptocurrency world. This case has not only affected the future of XRP but the entire cryptocurrency market, representing a legal test for the future regulation of this industry.
💢 The legal background of the case
The case began in December 2020 when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and CEO Brad Garlinghouse. XRP was accused of being an unregistered security, and the company was alleged to have sold it to investors without complying with securities regulations.
On the other hand, Ripple Labs rejected these accusations, affirming that XRP is a digital asset and not a security, thus not subject to SEC regulation. They also pointed out that other cryptocurrencies, such as Bitcoin and Ethereum, have not been classified as securities, making the case inconsistent from a regulatory standpoint.
💢 Case developments
Over the past three years, the case has seen several significant legal developments:
🔥 July 2023: A U.S. District Court ruled in favor of Ripple Labs, stating that XRP sales in secondary markets do not constitute the sale of securities.
🔥 October 2023: The court rejected the SEC's request to appeal the ruling, granting Ripple Labs a partial legal victory.
🔥 2024: The case continues in legal stages, as the SEC continues to push for fines and penalties against Ripple Labs.
💢 The impact on the cryptocurrency market
This case has led to significant fluctuations in the price of XRP, as the currency experienced sharp declines when the lawsuit was filed, but it regained some of its value after rulings in favor of Ripple Labs. The dispute has also impacted regulatory approaches towards other currencies, such as proposals to legalize cryptocurrencies.
💢 Final ruling? ??
If Ripple Labs wins fully, it could enhance XRP's position in the market and encourage other companies to resist the SEC's strict regulations. However, if the SEC succeeds in imposing significant penalties, it could set a legal precedent that negatively impacts the future of unregistered cryptocurrencies.
💢 What about XRP Exchange-Traded Funds (ETFs)? Will they be affected by the case?!
Currently, there are at least 16 applications for the XRP Exchange-Traded Fund (ETF) from major companies like Grayscale and Fidelity. This development seems positive for XRP, especially after the success of Bitcoin ETFs. However, demand for these funds may not be strong if Bitcoin is not involved, as happened with ETH funds. The outcome of the SEC case will play a significant role in determining the future of these funds.
💢 The outcome of the critical case ☠️
On March 19, the case officially ended and was dismissed, and from now on, Ripple should start to take off and achieve its goals♨️
💢 The future of XRP: Prepared for significant volatility
The future of XRP seems full of potential, and the reason is simply:
Because Ripple was able to achieve a historic figure in compensation for 2021, despite the presence of the case that delayed its rise.
💢 In conclusion: Share your opinions on the current developments regarding Ripple and XRP? Will the settlement with the SEC change the game rules?
Finally, I ask Allah in this blessed month to grant us and you goodness and righteousness ✨
Your brother Ihab Al-Hosani ❤️