The Ripple Vs U.S. Securities and Exchange Commission (SEC) involving the XRP token is marching toward the Summary Judgement announcement. In an anticipation of some positive outcome, crypto whales are continuing their XRP accumulation spree.
Attorney James Filan reported that attorney Rodrigo Seira filed a motion to appear as Pro Hac Vice on the behalf of Amicus Curiae Paradigm Operations LP. Paradigm is a firm that supports digital asset-related and Web3 companies.
The firm in its motion mentioned that in the XRP lawsuit the SEC rhetoric goes further than its claims require or the law supports. The commission asserts that the XRP tokens and by their extension many other crypto assets are securities.
It added that the distinction between offer and sale transactions and underlying crypto assets is critical.
However, the crypto whales have moved more than 111 million XRP tokens in the last 24 hours. As per data around $42.6 million worth of XRP tokens have been moved over the past day.
A whale has bought $15.9 million worth of XRP tokens in a single transaction from the Bitso crypto exchange. This major accumulation has come amid the recent price dump.
XRP price has dropped by around 5% in the last 24 hours. Ripple’s native token is trading at an average price of $0.364, at the press time. XRP is holding 24 hour trading volume of around $851.9 million.
Meanwhile, some whales have moved some 70 million XRP tokens to the Bitstamp crypto exchange in the last 24 hours. Around $26.6 million worth of XRP tokens were moved in multiple transactions to dump.