XRP, the digital asset associated with the Ripple payment protocol, has been making headlines once again. In the last 24 hours, major cryptocurrency whales have been seen accumulating XRP, with over 146 million XRP worth approximately $78 million added to their wallets. However, amidst this activity, over 360 million XRP has been observed on the move, and Ripple CEO Brad Garlinghouse has made fresh comments criticizing the SEC’s ongoing lawsuit against the company.
Garlinghouse has been an outspoken critic of the Securities and Exchange Commission (SEC) since the regulatory body filed a lawsuit against Ripple in December 2020. The SEC alleges that XRP is a security and that Ripple’s sale of the token was illegal. Garlinghouse recently stated that the lawsuit has hindered Ripple’s ability to compete with other blockchain-based payment providers, such as Bitcoin and Ethereum.
Meanwhile, the movement of over 360 million XRP has caught the attention of the cryptocurrency market. Such large transfers are typically made by institutional investors or wealthy individuals known as “whales.” The market will undoubtedly be watching closely to see how these transactions and Garlinghouse’s remarks affect the value of XRP in the short and long term.
This news comes after XRP’s recent price surge, with the token reaching a high of $1.96 on March 18, its highest level since January 2018. However, XRP’s price has since fallen, and it is currently trading at around $0.57 at the time of writing.
The cryptocurrency industry has been closely watching the developments in Ripple’s lawsuit, as it has the potential to set a precedent for how cryptocurrencies are regulated in the United States. Garlinghouse has been vocal about his frustration with the SEC’s actions, and Ripple has vowed to fight the lawsuit in court.
In conclusion, the movement of over 360 million XRP and Garlinghouse’s recent criticism of the SEC’s lawsuit against Ripple have once again put XRP in the spotlight. The cryptocurrency market will be keeping a close eye on these developments, and it remains to be seen how they will affect the price and future of XRP.
