The Ripple v. SEC lawsuit may be influenced by the recently passed FIT21 bill, which contains potentially groundbreaking provisions. Despite positive news for Ripple, recent whale activity has raised concerns in the cryptocurrency community.
The US House of Representatives recently approved the Financial Innovation and Technology for the 21st Century (FIT21) Crypto Bill, which has been celebrated by the cryptocurrency world. This is particularly significant for the Ripple community, as an XRP whale quickly transferred a substantial amount of XRP to centralized exchanges (CEXs).
The passage of FIT21 is quite remarkable, considering that a bill that is pro-crypto like this was able to reach the house floor and be approved. Congratulations to the pro-crypto “army” for achieving the seemingly impossible and bringing change to Washington.
The FIT21 legislation establishes a framework that recognizes that certain digital assets transferred or sold as part of an investment contract may not always be considered securities. Pro-XRP attorney Bill Morgan emphasized the crucial role played by Judge Torres in ensuring the inclusion of this section in the bill, which could have significant implications for the cryptocurrency sector.
Despite the initial excitement, the White House has now expressed opposition to the proposed legislation. The provisions of the bill may impact the outcome of the ongoing legal dispute between Ripple and the SEC. This speculation is further fueled by recent whale activity, which has garnered significant attention from the community.
According to on-chain data from transaction tracker Whale Alert, a well-known XRP whale disposed of 50.78 million XRP after the bill was signed into law. These tokens were sent in multiple discrete transfers to Bitso and Bitstamp on CEXs.
Initially, the whale transferred 29.14 million XRP to Bitstamp, which is based in Luxembourg. The subsequent transfer of an additional 21.64 million XRP to Bitso raised eyebrows and caused concern among market observers.
The behavior of the whale, who decided to sell off XRP despite the positive news for Ripple, has raised worries. The reasons behind the whale’s decision are still unknown. However, Ripple’s past partnerships with both exchanges suggest that there may be a calculated motive behind the action.
The price of XRP has experienced fluctuations in the past 24 hours. At the time of writing, XRP is trading at $0.5285, representing a 0.62% decrease from the previous day. The token’s outlook appears bleak, as evidenced by the 32.63% decline in 24-hour trading volume to $1.12 billion, according to CoinMarketCap data.
The current price of XRP, influenced by recent whale activity, indicates increased selling pressure. With the Relative Strength Index (RSI) at 51, the market is in a neutral state, meaning that either bulls or bears may take control of the token in the coming days. The bulls may benefit from the excitement generated by the FIT21 bill, and attention is now focused on the Senate for any further developments.
On the other hand, in a previous article, CNF covered Stuart Alderoty, Ripple’s chief legal officer, who strongly criticized SEC Chairman Gensler and highlighted significant flaws in his regulatory approach.
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