News - Ripple: Cryptowhale buys XRP again

By Luc Vesters

Ripple: Cryptowhale buys XRP again

Ripple (XRP)
Wallets and Whales

Although Ripple has won small legal victories in recent months, the legal battle against the SEC continues. The price of the associated token XRP is reacting cautiously to the partial successes. But there are investors in the market who likely expect a victory. They are taking advantage of the situation to massively increase their holdings of XRP tokens. Here's what happened the day before yesterday, Oct. 17. A cryptowhale struck.

He bought a total of 409,776,402 XRP tokens on the Dutch crypto trading platform Bitvavo and transferred them to an unknown wallet. Counter value at the time of the transaction: over US$201 million. This reports the tracking service Whale Alert via X.

At the time of writing, the price of XRP stands around US$0.479, down just over 2 percent from 24 hours ago. In a 7-day comparison, Ripple fans are happy with a small gain of 0.7 percent. It's a long way to the all-time high of US$3.84 that Ripple (XRP) set on Jan. 4, 2018 - but a final ruling in favor of the Brad Garlinghouse-led company will likely catapult the price back to old heights.

Ripple vs. SEC: information about the lawsuit

Earlier this month, Ripple scored a partial victory in its legal battle against the U.S. Securities and Exchange Commission (SEC) in a New York court when District Judge Analisa Torres dismissed an appeal by the agency. The reason was an earlier ruling that XRP is not a security when traded on traditional crypto exchanges. The SEC appealed - unsuccessfully.

A decision in the main case is not expected until next year. It continues on April 23. Then the SEC will have the opportunity to appeal the overall ruling.

Actually, a U.S. court had already ruled in Ripple's favor in July of this year that XRP was not a security. What does the ruling mean for the crypto market?

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