Ripple CEO Brad Garlinghouse has criticized the SEC for its stance on XRP. Besides, market statistics points to substantial crypto holders moving their positions. Â
The CEOâs comments come amid ongoing legal battles between Ripple and the SEC, with the regulatorâs actions drawing scrutiny from industry observers.
SECâs Approach Draws Criticism
Brad Garlinghouse took to X to express his frustration with the SECâs recent actions. He stated, âA new low for a renegade agency many thought couldnât sink further. The SEC now believes it can operate above the law, ignoring a Courtâs ruling that XRP isnât a security.âÂ
The CEOâs remarks reflect the ongoing tension between Ripple and the regulatory body, which has been a subject of intense debate in the crypto community.
Garlinghouse also mentioned that the staff of Ripple would be âwatching closely and weighing our own options to hold the SEC accountable.â This comment implies that in reaction to the SECâs XRP control strategy, the corporation would be thinking about further strategic or legal actions.
XRP Whales Accumulate
While the regulatory landscape remains uncertain, market data indicates a surge in XRP accumulation by large holders, commonly referred to as âwhalesâ in the crypto space.
Crypto analyst Ali, known as @ali_charts on X, reported that âRipple whales have bought over 40 million $XRP in the past 48 hours!â
This accumulation coincides with recent price movements in the XRP market. Chart analysis reveals a notable uptick in XRPâs price starting from early October, accompanied by increased trading volumes. The correlation between whale purchases and price action suggests growing investor confidence, despite the ongoing regulatory challenges.
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Market Implications
The combination of regulatory uncertainty and increased whale activity has created an intriguing market dynamic for XRP. Whalesâ massive accumulation usually indicates strong bullish attitude among investors, which can provide good market momentum.
Still, XRPâs regulatory situation is shadowed by the continuous legal conflict between Ripple and the Securities Commission. This uncertainty could affect the choices made by market players as well as XRPâs price and acceptance in the short to medium terms.
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