An anonymous whale dumped 50.78 million XRP after FIT21 bill passing

The FIT21 Crypto bill got the green light from the US House of Representatives, which made digital currency fans happy. This was especially big for Ripple supporters, as a big XRP owner quickly moved a lot of the cryptocurrency to centralized exchanges (CEXs).

The new crypto law suggests that certain digital assets traded or transferred in investment contracts might not be labeled securities just because of that. Lawyer Bill Morgan, who backs XRP, praises Judge Torres for ensuring this rule made it into the FIT21 bill.

The White House's opposition to the new law could greatly affect the Ripple vs. SEC legal battle. Recent whale activity also stirs speculation.

XRP investor sells amid bill passage

Whale Alert, which tracks transactions, noted that a notable XRP investor sold 50.78 million XRP after the bill passed. The sales happened in chunks to Bitstamp and Bitso. First, 29.14 million XRP went to Bitstamp, then 21.64 million XRP to Bitso.

This selling spree raised worries because many anticipated positive Ripple news to prompt more buying, not selling. The reason for this decision isn't apparent yet. However, Ripple's previous work with both exchanges suggests a hidden strategy might exist.

On May 22, XRP's price fluctuated. It's currently at $0.5283, down 1.13%. CoinMarketCap shows a big drop in trading volume, down 32.63% to $1.12 billion, suggesting a negative outlook.

This movement isn't surprising, especially with recent whale activity that likely increased selling pressure.

However, the Relative Strength Index (RSI) is at 51, showing a neutral market. This means either buyers or sellers could take over soon. Despite this, there's hope because of the potential impact of the FIT21 bill on XRP. Now, all eyes are on the Senate.

Ripple vs. SEC: legal showdown

The battle between Ripple and the SEC is heating up fast. Ripple is pushing back against the SEC by challenging expert testimony and publicly expressing concerns about sharing financial details. A key point of contention is how the SEC views the Fox Declaration as regular evidence, which Ripple argues is expert testimony with significant legal implications.

This legal clash has essential implications for cryptocurrency and could decide what happens to XRP, Ripple's main token.

Ashley Prosper, a legal commentator closely following the case, is critical in this legal battle. She's focused on a specific issue delaying Judge Analisa Torres' final decision: how Andrea Fox's declaration is classified.

In April, Ripple filed a motion to dismiss Fox's declaration, submitted by the SEC to support its requests for remedies. Ripple argued that Fox was labeled an expert witness, which should have been disclosed earlier. Since it wasn't, Ripple asked the court to exclude the testimony. The SEC countered, stating Fox only summarized facts as a witness to help the judge understand Ripple's finances.

Prosper highlighted an important point that if Fox is seen as an expert witness, it could further delay the case. Magistrate Netburn usually takes months to decide on minor motions, so her ruling might come soon. However, if any party challenges Netburn's decision, Judge Torres' final decision could be delayed.

Ashley Prosper hopes the court will ignore Fox's statement if she's seen as an expert witness, but she's not confident about it. Lawyers Bill Morgan and Jeremy Hogan, who support XRP, agree.

They believe Fox's testimony will stay, even if she's considered an expert, but Ripple will get to question her. Fox's statement is crucial and could affect the penalty Ripple faces. So, Judge Torres will probably wait for Magistrate Netburn's decision before giving her final verdict.

Once Magistrate Netburn decides on Fox's statement, the following submissions will likely be the last. If the judge ignores Fox's statement, it could limit the SEC's options for arguing specific penalties.

The conflict started in late 2020 when the SEC accused Ripple of breaking securities laws with XRP sales. Although there was a partial win in July regarding XRP sales on exchanges, the disagreement over institutional sales continues, prolonging the legal battle.