Before the significant XRP move of around 80% in a single day on July 13, following the partial victory of XRP against the SEC, it was observed that whales had taken the majority of participation in accumulating XRP when its price was down. Furthermore, whales accumulated XRP worth $170 million between June 22 and June 28, along with a significant 1.1 billion XRP tokens since February. These observations raise concerns that these whales may have had prior knowledge of the XRP vs SEC result.
Recently, a cryptocurrency whale linked to the wallet address “0xd275” is being investigated for suspicious transactions before a major rally in XRP’s price. The whale borrowed 10 million USDT from Aave, a decentralized lending platform, and moved it to the Bitfinex exchange 16 hours before the significant spike in XRP’s price. Seven hours before the surge, the entity withdrew 300 WBTC (worth approximately $9.4 million) from Bitfinex. The timing of these transactions has raised concerns as XRP experienced an 80% surge after a mixed but overall positive verdict in the Ripple versus SEC case.
Following a favorable court ruling by US District Judge Analisa Torres, Ripple Labs, the company behind XRP, experienced a significant price increase. The judge’s verdict stated that certain XRP sales were not considered securities offerings, which was seen as a win for Ripple. Ripple’s CEO, Brad Garlinghouse, celebrated the ruling as a victory for the US crypto industry.
Ripple’s legal counsel, Stu Alderoty, argued that the court’s decision established that XRP itself is not an investment contract. The ruling sparked high trading activity and interest in XRP, with a 24-hour trading volume of approximately $13.6 billion, according to CoinGecko data.
However, this has also attracted scammers who are taking advantage of the hype. Recently, Ripple CTO David Schwartz issued a warning, stating that there are no legitimate airdrops, giveaways, or special offers associated with the court ruling. Scammers often imitate Ripple’s official website to trick unsuspecting investors into revealing their crypto wallet information, which can lead to theft or fund draining in the future.
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