Whales accumulating XRP coin, following new turn in the XRP lawsuit

The XRP coin proponents are fully confident, as whales are heavily loading XRP coin into the portfolio.

XRP coin is the 6th biggest crypto asset in the crypto market by market cap. This coin runs on Proof-of-work (PoS) blockchain network, XRP Ledger (XRPL). Ripple Labs is the engineering team behind this crypto project. Ripple uses XRP coin to provide global payment services for multiple companies at low fees over traditional international payment providers.

Recently a popular crypto analyst Ali Martinez shared his analysis on the XRP coin trade activities among the whales and noted that 52 million XRP coins were accumulated by the whales in the last 3 weeks. 

Crypto experts believe that the increment in the whale’s activities in the XRP coin trading is because of the latest development in the XRP Lawsuit, where Ripple is confident against the United States Securities and Exchange Commission (SEC). 

XRP Lawsuit

In Dec 2020, the US SEC sued the two top Ripple executives over the sale of $1.3 billion worth of XRP tokens publicly. The SEC body alleged that the XRP sale was subject to the potential violation of Federal Securities law. 

Last week, the court judge ruled that the SEC agency should represent the Hinman document in court, as the document is deeply related to the case. 

It is expected that the SEC body will provide that document in court by 12 June. 

Ripple layers expect that they will be able to prove the nature of XRP coin as a non-security crypto token on behalf of the Hinman document.

In the Hinman document, there are several emails & conversations on behalf of the statement passed by the former SEC Commissioner William Hinman over the nature of the Ethereum (ETH) coin.

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