Ripple unlocked altcoins from Escrow in multiple transactions, after which the whales made more than 218 million transfers between several wallets.
This altcoin has been unlocked
Ripple unlocked 1 billion XRP (Ripple’s native cryptocurrency) in multiple transactions from Escrow accounts. The amount of XRP withdrawn was worth approximately $378 million at USD exchange rates. As a result, around 51 billion XRP tokens have reached the market, which could account for 51% of the total token supply. For the past few weeks, Ripple’s XRP price has been dormant due to the pending summary judgment in the last XRP lawsuit.
However, after the escrow was released, the whales transferred more than 218 million XRP between several wallets with the current rate value of $75.3 million. Accordingly, Whale has collected around 32 million XRP tokens in single transactions considering the beneficial environment. Interestingly, $12.28 million worth of XRP tokens were recently added by an unknown whale address from the Bitso crypto exchange.
Additionally, around 41 million XRP tokens were shifted by a whale to the Bitstamp crypto exchange to sell off its ownership. Currently, the whale has transferred about $15.88 million worth of XRP. In addition, the price of XRP on a YTD basis increased by about 12%. In the last 24 hours, the XRP token price has increased by 2%. According to cryptokoin.com data, XRP is traded at $ 0.37. Also, the 24-hour trading volume of Ripple’s XRP tokens is $679,529,459 million, down 39.9%.
Although Ripple’s native token is facing a lawsuit from the SEC, the XRP native token has been detained. Also, the announcement of the US district court’s decision in favor of Ripple or the US SEC could determine the stability of this altcoin price. With a market cap of around $19.2 billion, XRP is still considered the 6th largest crypto.
Ripple supports whistleblowing defense
In a recent court filing, Ripple Labs argued that the Supreme Court decision supports a fair notice defense against the Securities and Exchange Commission (SEC). Ripple Labs, along with its CEO Brad Garlinghouse and Chief Executive Officer Chris Larsen, is currently facing a lawsuit by the SEC alleging that the company’s XRP tokens are unregistered securities.
In the filing, Ripple Labs claimed that the Bittner ruling, which reversed the Fifth Circuit ruling and underlined the Fair notice clause of the Disclaimer Clause, supports the SEC’s claim that it failed to provide clear guidance on how to comply with cryptocurrency-related securities laws. The Supreme Court stated in Bittner that “a fair warning should be given to the world, in a language the common world can understand, of what the law intends to do if a certain line is crossed.”
The company claimed that the SEC failed to provide clear guidance for the industry regarding the application of securities laws to cryptocurrencies, causing confusion and indecision among market participants. They argued, however, that the SEC’s previous guidance on the matter appeared to contradict their current litigation position.
The company noted that many experienced securities law practitioners and industry participants were unable to anticipate the SEC’s current theory. Ripple Labs argues that, as with Bittner, the current theory of the SEC poses a serious fair reporting problem. The case is still pending and the Court’s decision will have crucial implications for the cryptocurrency industry and for the enforcement of securities laws to cryptocurrencies.
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