Ripple CEO Brad Garlinghouse has criticized the SEC for its stance on XRP. Besides, market statistics points to substantial crypto holders moving their positions.
The CEO’s comments come amid ongoing legal battles between Ripple and the SEC, with the regulator’s actions drawing scrutiny from industry observers.
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SEC’s Approach Draws Criticism
Brad Garlinghouse took to X to express his frustration with the SEC’s recent actions. He stated, “A new low for a renegade agency many thought couldn’t sink further. The SEC now believes it can operate above the law, ignoring a Court’s ruling that XRP isn’t a security.”
The CEO’s 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 “watching closely and weighing our own options to hold the SEC accountable.” This comment implies that in reaction to the SEC’s 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 “whales” in the crypto space.
Crypto analyst Ali, known as @ali_charts on X, reported that “Ripple whales have bought over 40 million $XRP in the past 48 hours!”
This accumulation coincides with recent price movements in the XRP market. Chart analysis reveals a notable uptick in XRP’s 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. Whales’ massive accumulation usually indicates strong bullish attitude among investors, which can provide good market momentum.
Still, XRP’s 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 XRP’s price and acceptance in the short to medium terms.
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