The ongoing financial crisis caused a significant recovery in the worldwide market for digital assets, which experienced a minor decline on March 25, 2023. Yet, the price of Ripple Labs’ foundational cryptocurrency, XRP, has since risen, while the two largest cryptocurrencies, Ethereum (ETH) and Bitcoin (BTC), saw a decline.
XRP has been on a strong gaining pattern among the biggest cryptocurrencies over the last 24 hours and among the top 100 cryptocurrencies over the last seven days. This price increase occurs as the United States Securities and Exchange Commission (SEC) and Ripple Labs’ legal dispute head toward judgment on the pleadings.
While the prices of other significant digital assets have fallen, XRP is trading at an average price of $0.4454, up more than 3% in the past 24 hours.
Whales Transact Huge XRP Amounts
According to the information given by WhaleAlert, during the last day, cryptocurrency whales traded more than 383 million XRP worth about $172 million. The tracker’s largest transaction was the transfer of XRP worth $79.8 million from one wallet to another.
A crypto whale, nevertheless, purchased XRPs amounting to 22.5 million in one transaction. The whale also purchased XRP from the OKX cryptocurrency market valued at $10 million.
Ethereum Foundation Accused of Financing the Anti-XRP Action
An Australian attorney who backs XRP, Bill Morgan, has accused Ethereum Foundation of giving the charitable exploration and cryptocurrency endorsement group Coin Center a grant in exchange for their prior efforts to classify other currencies as securities.
Morgan made his claim in a bipartite conversation on Twitter, citing a Coin Center weblog article from 2016 that addresses whether Bitcoin could be regarded as a security. According to Morgan, the web blog post’s author said that Ethereum shouldn’t be categorized as a security because of the application-established nature of its platform.
The charge made by the Australian attorney may or may not have targeted XRP directly. However, for reference, Arthur Britto, Jed McCaleb, and David Schwartz introduced the foundational token XRP in 2012 after starting to design the XRP Ledger the preceding year.
Chris Larsen later joined the group, and together they established NewCoin, which ultimately changed its name to Ripple. Notably, the founders gave the profit-oriented business that sold the pre-mined cryptocurrency 80 billion out of the opening 100 billion XRP’s total.
The lawyer cited a Coin Center weblog article on projects that extensively push pre-sales or pre-mined cryptocurrencies with a limited and non-diverse mining and developer community; however, it needs to be clarified if he was talking to XRP.
It is important to note that the Coin Center and Ripple public dispute is ongoing simultaneously with the latest accusations against the Ethereum Foundation.
Coin Center member Neeraj K. Agrawal attacked Ripple for giving $5 million to Greenpeace in exchange for what Agrawal saw as a disparaging depiction of Bitcoin being linked to nuclear power in a statue called “Skull of Satoshi.”
Agrawal later clarified that the donation was made by Chris Larsen, the Executive Chairman of Ripple, rather than by Ripple itself.
The “Change the Code, Not the Climate” initiative, which aimed to persuade core devs and Bitcoin miners to switch to a more ecologically friendly consensus process, received a $5 million donation from Larsen last year.
The “Skull of Satoshi” artwork, which Greenpeace unveiled to highlight additional alleged negative effects of mining Bitcoin, was not positively welcomed by the Crypto industry.