XRP Whales Snap for $170 Million in Tokens
- After a 12 percent drop, whales are interested in Ripple (XRP) as they appear to be accumulating heavily.
- Investors accumulated 360 million XRP worth approximately $170 million between June 22 and June 28.
Data shows that whales have shown great interest in Ripple (XRP). Recent actions by whales clearly show that the fall in prices has not deterred them. In any case, the shakers and movers benefit by piling up heavily.
Between June 22 and June 28, when XRP prices fell 12 percent, whales bought 360 million XRP, worth about $170 million. This highlights the long-term prospects of investors who seem undeterred by the short-term price movements.
For the past two years, XRP prices have been kept low by the pending US Securities and Exchange Commission (SEC) lawsuit. The regulatory body claims that XRP is a security and that Ripple sold it without registering with the body. Ripple denies the XRP rating with statements from other regulators outside the US supporting this narrative.
Related: XRP vs. SEC: Ruling Expected in Weeks, Not Months – Ripple CEO Brad Garlinghouse Gears Up to Chase Gary Gensler
With Ripple celebrating small victories in recent months, Ripple executives are confident that the US-based tech company will ultimately win the case. A win for Ripple means the judge rules that XRP is not a security. The implications will not only pertain to Ripple and XRP, but will also set a precedent for how the court views cryptocurrencies in the future.
SEC’s Gary Gensler Resigning?
Amid renewed interest from whales, crypto Twitter has been buzzing with news that SEC Chairman Gary Gensler is about to step down.
BREAK:
An anonymous official at the SEC has reportedly announced that Chairman Gary Gensler is stepping down following an internal investigation.
— whale chart (@WhaleChart) July 2, 2023
During his tenure, Gensler has been accused of being dishonest in his enforcement of cryptocurrencies law. As a result, his work at the agency has deterred the development and growth of the industry.
Last month, the agency sued Binance and Coinbase, two of the largest crypto exchanges in the world. In its complaint, the agency named 64 other cryptocurrencies that it says are unregistered securities.
Read more: Blockchain Association: After SEC Chairman Gary Gensler Sues Ripple (XRP), Binance and Coinbase, Chairman Must Step Back
It is safe to assume that many in the crypto community will celebrate his resignation and believe it will be a major win for the industry.
While the reports are unconfirmed and the alleged internal investigation unknown, Gary Gensler has faced significant resistance not only from the crypto space, but also from lawmakers. Rep. of the United States Warren Davidson introduced the “SEC Stabilization Act” in the House of Representatives on June 12 with one of the key provisions to fire SEC Chairman Gary Gensler.
In a statement, the US Representative for Ohio said;
The US capital markets must be protected from a tyrannical chairman, including the current one. That is why I am introducing legislation to remedy the continued abuse of power and ensure protections that are in the interest of the market for years to come. It’s time for real reform and to fire Gary Gensler as chairman of the SEC.
While Gensler’s mere resignation won’t automatically end the XRP case, a crypto-friendly seat taking over could bring clear rules and regulations that shed a better light on the matter.
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