XRP Whales Bet Big on ETF Approval
- Whale Alert: 60 Million XRP Accumulation in 24 Hours
- SEC Meeting Scheduled for February 20 Sparks Speculation
- Grayscale’s XRP ETF Application Acknowledged by SEC
Crypto analyst Ali Martinez recently highlighted on X a significant surge in XRP holdings, with whales acquiring 60 million tokens in the past 24 hours.
This substantial investment suggests strong confidence from institutional and large investors in XRP’s future potential and market performance.
XRP remains a central topic in the cryptocurrency sphere, largely due to the ongoing legal dispute between Ripple Labs and the Securities and Exchange Commission (SEC) regarding XRP’s classification.
Market participants are keenly awaiting developments, particularly with the SEC’s closed-door meeting scheduled for February 20.
However, there are indicators of progress in the XRP regulatory landscape.
Notably, on February 13, 2025, the SEC formally acknowledged Grayscale’s application to launch and list an XRP exchange-traded fund (ETF). This acceptance marks the beginning of a review process and is viewed as a positive signal, potentially indicating the SEC’s growing openness to regulated XRP investment products.
This development has fueled speculation that the agency might reconsider its stance in the lawsuit against Ripple. Some analysts suggest these moves could signal the SEC might withdraw its appeal, potentially paving the way for a resolution.
XRP Price Surge Reflects ETF Optimism
These developments have triggered noticeable price activity for XRP. Driven by optimism around potential ETF approval, the cryptocurrency jumped 9.1%, briefly touching just under $2.73.
Current CoinMarketCap data shows XRP trading around $2.71.
Related: Ripple CEO Predicts “Inevitable” XRP ETF Approval – Analyzing Potential Price Impact
Ripple vs SEC: Legal Battle Overview
In December 2020, the SEC initiated a lawsuit against Ripple Labs, Inc., alleging an unregistered securities offering through the sale of over $1.3 billion worth of XRP tokens.
The SEC argued that XRP constituted a security and that Ripple violated securities laws by selling it without proper registration.
Conversely, Ripple contended that XRP is not a security and should be categorized similarly to Bitcoin (BTC) or Ethereum (ETH), which the SEC has classified as commodities.
Legal History & SEC Appeal in the Ripple Case
The case has progressed through several stages, reaching a partial resolution in August 2024. Ripple was ordered to pay a $125 million civil penalty for unregistered institutional sales — a significantly lower amount than the SEC initially sought.
Related: Reports: Ripple and Galaxy Digital Loaned MoonPay $160M Shortly After TRUMP Crypto Launch
The court’s decision indicated that XRP could be considered a security under specific conditions, particularly when sold to institutional investors. However, it also suggested XRP might not be classified as a security when used for transactions or traded on crypto exchanges.
The SEC has appealed the court’s ruling in the Ripple case, potentially extending the legal proceedings.
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