Ripple CEO Brad Garlinghouse Updates on SEC Case as XRP Whales Go On a Buying Spree

Ripple CEO Brad Garlinghouse has criticized the SEC for its stance on XRP.  Besides, market statistics points to substantial crypto holders moving their positions.

Ripple CEO Brad Garlinghouse has slammed the SEC for its stance on XRP, as market data reveals large crypto holders shifting their positions.

The CEO's comments come amidst Ripple's ongoing legal battle with the SEC, with the regulator's actions drawing close scrutiny from industry observers.

SEC's Approach Draws Criticism

Brad Garlinghouse took to Twitter to voice his frustrations 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."

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. Team Ripple will be watching closely and weighing our own options to hold the SEC accountable.

The CEO's remarks highlight the ongoing tension between Ripple and the regulatory body, which has been a subject of intense debate within the crypto community.

Garlinghouse also mentioned that Ripple staff will be "watching closely and weighing our own options to hold the SEC accountable." This comment suggests that the company may be considering further strategic or legal actions in response to the SEC's XRP regulatory approach.

XRP Whales Accumulate

As the regulatory landscape continues to unfold, market data indicates a surge in XRP accumulation by large holders, known as "whales" in the crypto space.

Crypto analyst Ali, known as @ali_charts on Twitter, reported that "Ripple whales have bought over 40 million $XRP in the past 48 hours!"

#Ripple whales have bought over 40 million $XRP in the past 48 hours! pic.twitter.com/o6TPGV2WiF

This accumulation coincides with recent price movements in the XRP market. A glance at the charts reveals a noticeable 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信心, despite the ongoing regulatory challenges.

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Market Implications

The interplay between regulatory uncertainty and heightened whale activity creates a fascinating market dynamic for XRP. Whales' large-scale accumulation typically signals strong bullish sentiment among investors, which can provide positive market momentum.

However, XRP's regulatory status remains overshadowed by Ripple's ongoing legal battle with the Securities and Exchange Commission. This uncertainty could continue to influence the decisions of market participants and impact XRP's price and adoption in the short to medium term.

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