- 60 Million XRP swooped up by whales in a single day
- SEC scheduled a closed meeting on February 20
- SEC has acknowledged Grayscale’s application to convert its XRP Trust into a spot ETF
Today, crypto analyst Ali Martinez shared a chart on X showing that whales have acquired 60 million XRP in the last 24 hours.
Given the amount spent, this is a strong indicator of institutional and large-scale investor confidence in XRP’s future performance.
XRP has been quite the topic in the crypto world due to the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) over the classification of XRP.
Everyone’s on their toes waiting on what will happen next as the SEC scheduled a closed meeting on February 20.
However, some progress has already been made.
For instance, on February 13, 2025, the SEC acknowledged applications from asset manager Grayscale to list and trade an XRP exchange-traded fund (ETF). This acknowledgment initiates a review process and is seen as a positive signal, suggesting the SEC’s potential openness to regulated XRP investment vehicles.
This has led to speculation that the agency may reconsider its position in the ongoing lawsuit against Ripple. Some analysts interpret these moves as indications that the SEC might withdraw its appeal, potentially leading to a resolution of the case.
XRP Price Reacts to ETF Optimism
Following these developments, XRP experienced notable price movements. The cryptocurrency saw a 9.1% increase, reaching just under $2.73, driven by optimism surrounding the potential ETF approval.
Currently, XRP is sitting at $2.71 according to CoinMarketCap.
Related: Ripple CEO: XRP ETF Approval “Inevitable” – Analyzing Potential XRP Price Reaction
Ripple vs SEC: A Legal Recap
To recap, the SEC filed a lawsuit against Ripple Labs, Inc. in December 2020, alleging that Ripple conducted an unregistered securities offering by selling XRP tokens worth over $1.3 billion.
The SEC claimed that XRP was a security, and Ripple violated securities laws by selling it without proper registration.
Ripple, on the other hand, argued that XRP is not a security and should be treated like Bitcoin (BTC) or Ethereum (ETH), which the SEC has classified as commodities.
Legal Case History & SEC Appeal
There have been a lot of developments over the years, and the case reached a partial resolution in August 2024 where Ripple was ordered to pay a $125 million civil penalty for the unregistered institutional sales – significantly less than what was initially sought by the SEC
Related: Ripple and Galaxy Loaned MoonPay $160M On the Weekend TRUMP Launched
The court determined that XRP may be considered a security under certain circumstances, specifically when issued to institutional investors. Nonetheless, the ruling also suggests that XRP may not be classified as a security when used for transactions or traded on cryptocurrency exchanges.
The SEC has appealed the court’s decision in the Ripple case, potentially dragging the legal battle for a longer duration.
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