The Ripple v. SEC lawsuit may be impacted by the groundbreaking FIT21 bill and recent whale activity has raised concerns. The US House of Representatives recently passed the Financial Innovation and Technology for the 21st Century (FIT21) Crypto Bill, which was met with great enthusiasm in the cryptocurrency community. This was particularly significant for Ripple, as an XRP whale quickly transferred a substantial amount of XRP to centralized exchanges (CEXs).
The approval of FIT21 by the US House is quite remarkable, considering it is a pro-crypto bill. Congratulations to the pro-crypto “army” for achieving the seemingly impossible and bringing change to Washington.
The FIT21 legislation outlines that certain digital assets transferred or sold under an investment contract may not always be classified as securities. Pro-XRP attorney Bill Morgan emphasized the crucial role played by Judge Torres in ensuring the inclusion of this provision in the bill, which could have significant implications for the cryptocurrency sector.
Despite the initial excitement, the White House is now opposing the proposed legislation. The provisions of the bill could potentially influence the outcome of the ongoing legal dispute between Ripple and the SEC. The recent actions of the whale, which have garnered significant community interest, further fuel these speculations.
According to on-chain data from transaction tracker Whale Alert, a prominent XRP whale disposed of 50.78 million XRP after the bill was signed into law. These tokens were transferred in multiple discrete transactions to Bitso and Bitstamp on CEXs.
Initially, the whale sent 29.14 million XRP to Bitstamp, located in Luxembourg. The subsequent transfer of an additional 21.64 million XRP to Bitso raised eyebrows and alarmed market observers.
The behavior of the whale has raised concerns as many expected the good news for Ripple to lead to more accumulation rather than a sell-off. It remains unclear why the whale decided to dump the XRP tokens. However, Ripple’s past partnerships with both exchanges suggest that there may be a calculated motive behind this action.
The price of XRP has experienced fluctuations in the past 24 hours. At the time of writing, XRP is trading at $0.5285, a 0.62% decrease from the previous day. CoinMarketCap data shows a bleak outlook for the token, with a 32.63% drop in 24-hour trading volume to $1.12 billion.
The current price of XRP, influenced by the recent whale activity, indicates increased selling pressure. With a Relative Strength Index (RSI) of 51, the market is currently neutral, suggesting that either bulls or bears could control the token in the coming days. Bulls may capitalize on the excitement generated by the FIT21 bill, while attention is now focused on the Senate for any new developments.
On a different note, Stuart Alderoty, the chief legal officer of Ripple, previously criticized SEC Chairman Gensler and highlighted significant flaws in his regulatory strategy, as covered by CNF.
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