As a seasoned crypto investor with over a decade of experience navigating the ever-changing landscape of digital assets, I can confidently say that the recent court decision regarding Ripple and XRP has brought a sense of relief and optimism to the community. Having witnessed multiple regulatory battles and market fluctuations, it’s heartening to see a favorable outcome for an established player like Ripple.
The Ripple co-creator and current executive chairman, Chris Larsen (who previously served as CEO), expressed his thoughts via his X platform account regarding the latest news that has sparked excitement among Ripple’s internal team and global XRP enthusiasts.
Larsen voiced his thoughts on the court’s verdict concerning the penalty imposed by the SEC for the case at hand. He expressed optimism that this outcome might signal an end to the regulatory crackdown on cryptocurrency, a conflict initiated by U.S. authorities.
“Let’s hope this ends war on crypto”
Larsen shared a tweet originally posted by Ripple’s CEO, Brad Garlinghouse. In this tweet, he announced that while the Securities and Exchange Commission (SEC) had requested the court to impose a $2 billion fine and penalty on Ripple, the judge reduced this enormous amount to just $125 million. This represents a decrease of about 94% from the SEC’s initial demand.
In a tweet by Garlinghouse, it’s stated that the judge dismissed the SEC’s accusation towards Ripple for acting “irresponsibly”. Moreover, the judge emphasized that this case is not about fraud or deliberate misconduct, and no one has experienced any financial loss, as reported.
Chris Larsen, with a sense of celebration, remarked that “the relentless crusade” of the SEC against Ripple has come to an end at last. He expressed hope that this event might signal the conclusion of the regulatory battle against cryptocurrencies in the United States.
As a crypto investor, I’m relieved that the relentless crusade by the SEC appears to have come to an end. Here’s to hoping this signals the conclusion of this Administration’s battle against cryptocurrencies, allowing us all to focus on the promising potential that digital assets hold for our future.
— Chris Larsen (@chrislarsensf) August 7, 2024
According to Garlinghouse, this decision is a triumph for both Ripple and the broader crypto industry, as well as upholding the principles of legal justice. Furthermore, he emphasized that the SEC’s challenges towards the entire XRP community have now been dissipated.
XRP whales’ activity intensifies
Over the last 24 hours, there’s been a significant increase in activity among large XRP holders (XRP whales) as news about crypto X circulated. Whale Alert has detected over 100 million XRP being moved around. Approximately 80 million XRP were purchased on notable exchanges such as Binance and Upbit, and subsequently transferred to unidentified cold wallets on the blockchain.
As an analyst, I observed approximately 17 million units of XRP being moved from an anonymous source, presumably a ‘whale’, into the Binance exchange. This transaction appears to be strategically positioned for potential profit-taking or sale.
Due to positive Ripple developments, the seventh-largest cryptocurrency, XRP, experienced a significant increase of 25.66%. Its price soared from approximately $0.50065 to the level of $0.62911. After a brief dip and a subsequent bounce back, XRP is currently being traded at $0.61958.
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2024-08-08 14:43