TL;DR
- FIT21 Bill Seen as Win for Ripple vs. SEC: The US House of Representatives’ approval of the FIT21 bill is viewed as a positive development for Ripple in their ongoing legal battle with the SEC. The bill’s provisions could potentially prevent XRP from being classified as a security solely based on investment contracts.
- XRP Whale Sale Raises Questions: Despite the optimism surrounding FIT21, a prominent XRP whale’s decision to sell 50.78 million XRP to centralized exchanges (Bitstamp and Bitso) has introduced uncertainty. This move surprised many who anticipated the positive news to trigger buying.
- XRP Price Fluctuates, Future Unclear: The price of XRP has exhibited mixed signals over the past day. While it currently sits at $0.5202, it represents a slight decrease (1.72%) compared to yesterday.
The recent passing of the Financial Innovation and Technology for the 21st Century (FIT21) bill by the US House of Representatives sent ripples of excitement through the crypto community, particularly for Ripple. However, a move by a prominent XRP whale has cast a shadow of uncertainty.
FIT21 Bill Seen as Positive for Ripple vs. SEC Case
The FIT21 bill includes provisions that could significantly impact the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC).
Pro-XRP lawyer Bill Morgan credits Judge Torres with influencing the bill’s language, which potentially removes XRP from being classified as a security solely due to investment contracts.
While the White House has expressed opposition to the FIT21 bill, its potential impact on the SEC case has fueled speculation within the XRP community. This speculation intensified with a recent large-scale sale by a known XRP whale.
Whale Dumps 50.78 Million XRP to CEXs
Data from the on-chain transaction tracker Whale Alert revealed that the whale unloaded a massive 50.78 million XRP following the FIT21 bill’s passage. These transactions were split between two centralized exchanges (CEXs): Bitstamp (29.14 million XRP) and Bitso (21.64 million XRP).
This move surprised many who expected the positive news for Ripple to trigger buying. The whale’s motive for selling remains unclear, although Ripple’s past collaborations with both CEXs suggest there might be a different strategy at play.
XRP Price Shows Mixed Signals
The price of XRP has fluctuated over the past 24 hours, currently trading at $0.5202 with a slight decrease (1.72%) compared to yesterday. CoinMarketCap data shows a significant drop (32.63%) in trading volume, indicating a bearish outlook.
The recent whale activity likely contributed to the selling pressure. However, with an RSI of 51, XRP still sits in a neutral position. The future direction could swing either way, with the optimism surrounding the FIT21 bill potentially favoring a bullish trend.
With the House on board, all eyes now turn to the Senate as the FIT21 bill progresses through the legislative process. The outcome could significantly impact the future of XRP and the Ripple vs. SEC case.
