Ripple’s XRP has witnessed significant whale movements in the past 24 hours. These movements come at a pivotal moment as the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) approaches its conclusion. Moreover, it sparks speculations of further activity by XRP whales.

XRP Whale Shifts 37M Tokens

According to Whale Alert, an XRP large holder, also known as whale, transferred 37.39 million XRP tokens to Bitstamp, a popular crypto exchange. This transaction was valued at approximately $16.06 million and was made via an unknown wallet. This exchange dump comes ahead of the anticipated conclusion of the Ripple Vs SEC case.

Fred Rispoli, a well-known advocate for Ripple and its native token, has provided insights into the possible end dates for the ongoing SEC vs. Ripple case. Rispoli has suggested that the case could be resolved by either July 31 or July 13. The latter date holds particular significance, as it marks the anniversary of a key ruling by Federal Court Judge Annalisa Torres.

On July 13, 2023, Judge Torres concluded that XRP is a commodity when sold to the general public. In her Summary Judgment, she stated, “Therefore, having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the court concludes that Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act.”

This decision was a landmark moment for the Ripple community, leading to a surge in XRP’s price by over 100%. Furthermore, it also set a precedent that continues to influence other legal battles in the cryptocurrency space. In addition, Judge Amy Berman Jackson of the US District Court for the District of Columbia recently dismissed some of the SEC’s charges against Binance.

These charges pertained to the sales of BNB tokens on the secondary market. Judge Jackson’s ruling emphasized the inconsistency and ambiguity that arises from litigating digital assets on a “case by case, coin by coin, court after court” basis.

She stated, “The court ruled that the SEC failed to allege facts indicating that secondary market sales of BNB tokens on crypto exchanges were securities transactions. The SEC’s claim that Binance’s fiat-backed stablecoin, BUSD, qualifies as an investment contract was likewise denied by the court.”

Moreover, Ripple has used this ruling to boost its defense, submitting a notice of supplementary authority to highlight the regulatory uncertainty that prevails in the crypto industry. This argument aims to show that Ripple did not act with “reckless disregard” for the law, given the ambiguous regulatory environment.

However, the XRP whale’s exchange dump signals that the bullish sentiment toward the SEC case settlement is waning. The crypto market is witnessing a significant downturn currently with XRP price dipping nearly 4%. Hence, the whale might have made the move to limit losses.

Also Read: Ripple XRP Case Update: Court Sets Deadlines For Motions And Hearings 

Current XRP Market Analysis

Amid these legal developments, XRP’s market performance has been under scrutiny. Ripple’s XRP has to maintain its position above the crucial $0.4250 resistance zone. As of now, XRP is trading below both the $0.4250 mark and the 100-hourly Simple Moving Average (SMA). This reflects a bearish market sentiment.

An analysis of the XRP/USD hourly chart reveals a bearish trend line with resistance around $0.4250. For XRP to initiate a significant recovery, it needs to break through this resistance. However, even if it succeeds, it faces additional hurdles at $0.4350 and $0.450, limiting its near-term upside potential.

Today, the XRP price managed to surpass the $0.4220 level despite the bearish trend and the next target could be the $0.4380 mark. Beyond this, the $0.450 level stands as a formidable resistance point. Any gains above this could potentially propel the price toward the $0.4650 resistance. However, current technical indicators do not support such a bullish scenario.

Recent trading sessions have seen XRP fail to overcome the $0.450 resistance, triggering a fresh decline. This pattern mirrors the price movements observed in Bitcoin and Ethereum. As bears dominate, XRP has dropped below critical support levels, including $0.4320 and $0.4250.

Also Read: Celsius Network Resurfaces With Creditor Lawsuit, Here’s What To Know

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Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.