What is Compelling the Whales to Accumulate XRP Repeatedly?
The post What is Compelling the Whales to Accumulate XRP Repeatedly? appeared first on Coinpedia Fintech News
Ripple vs SEC is one of the most talked stories within the crypto space which appear to be approaching its destiny. Hence the investor’s interest is also swelling as they are constantly accumulating a huge number of tokens in recent times. This indicates that the majority of investors continue to believe in the potential of XRP, despite the SEC’s lawsuit against Ripple.
As the SEC believes the crypto XRP is a security and hence Ripple has been selling it illegally all over the years. Soon after a formal lawsuit was imposed, some of the US-based crypto exchanges delisted XRP, and many of the investors took XRP out of their portfolios, which negatively impacted the entire crypto space, including XRP’s price.
However, the summary judgement of the lawsuit is yet to be produced which has been dragged on for more than 20 months now! In the meantime, the big investors are accumulating XRP and adding up in their wallets.
But why are big investors accumulating XRP?
Firstly, the investors may be having a perception of Ripple winning the case against the SEC as the advancements in the case point towards the company being victorious. Moreover, Hinman’s documents which were largely discussed are said to be responsible for the beginning of the case against Ripple.
In addition, Ripple’s general counsel also hinted at a possible victory over the SEC’s lawsuit and also suggested that the SEC could be trapped in its own web soon. In a recent update, both parties have filed their respective amicus briefs and are requesting Judge Torress set a deadline of January 4, 2023, for the non-parties to seal any portion of summary judgement.
Secondly, many countries are now focusing more on central bank digital currency (CBDC), and XRP will be a major highlight in this area. However, Ripple’s main focus has always been working with the government and maintaining the integrity of the company’s technology.
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