XRP Whales Snap Up $170 Million Worth of Tokens

• After a 12 percent drop, whales are taking an interest in Ripple (XRP) as they look to heavily accumulate.
• Investors have amassed 360 million XRP worth approximately $170 million between June 22 and June 28.

Data shows that whales have taken a keen interest in Ripple (XRP). It is clear from recent moves by whales that the price slump has not deterred them. If anything, the shakers and movers are taking advantage by accumulating heavily.

Between June 22 and June 28, when XRP prices recorded a 12 percent dip, whales bought 360 million XRP, worth approximately $170 million. This highlights the long-term outlook of the investors who seem not to be deterred by the short time price movements.

For the last two years, XRP prices have been held down by the ongoing U.S. Securities and Exchange Commission (SEC) lawsuit. The regulatory agency alleges that XRP is a security and that Ripple sold it without registering with the agency. Ripple denies the XRP classification with rulings from other regulatory agencies outside the U.S. backing this narrative.

Related: XRP vs. SEC: Ruling Expected in Weeks, Not Months – Ripple CEO Brad Garlinghouse Gears Up to Chase Gary Gensler

With Ripple celebrating minor victories over the last few months, Ripple executives are confident that the US-based technology company will ultimately win the case. A win for Ripple means the judge ruling that XRP is not a security. Its implications will not only be on Ripple and XRP but will also set a precedent on how the court views cryptocurrencies in the future.

Is SEC’s Gary Gensler Resigning?

Amidst renewed interest by whales, crypto Twitter has been a buzz with the news that SEC Chair Gary Gensler is about to resign.

BREAKING:

Anonymous official at the SEC has reportedly disclosed that chairman Gary Gensler is going to resign following an internal investigation.

— whalechart (@WhaleChart) July 2, 2023

During his time in office, Gensler has been accused of being unfair in his enforcement of the law on cryptocurrencies. As a result, his work at the agency has deterred the development and growth of the industry.

Last month, the agency sued Binance and Coinbase, two of the largest crypto exchanges in the world. In its complaint, the agency named 64 other cryptocurrencies it believes to be unregistered securities.

Read More: Blockchain Association: After SEC Chair Gary Gensler Sued Ripple (XRP), Binance, and Coinbase, Chair Has to Step Back

It is safe to assume that many in the crypto community will be celebrating his resignation and believe it will be a big win for the industry.

Although the reports are unconfirmed and the supposed internal investigation unknown, Gary Gensler has faced major resistance not only from the crypto space but from lawmakers alike.  United States Rep. Warren Davidson on June 12th introduced the “SEC Stabilization Act” into the House of Representatives with one of the main provisions seeking to fire SEC Chair Gary Gensler.

In a statement, the U.S. representative for Ohio said;

U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.

Although the mere resignation of Gensler will not automatically end the XRP case, a crypto-friendly chair taking over could bring clear rules and regulations that shed better light on the case.

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