Ripple, the company behind XRP, recently made important announcements about his progress.

One of the latest developments is Ripple entering the stablecoin market by introducing a US-linked token RLUSDRipple also announced plans to add smart contracts to XRP Registry (XRPL).

Despite these significant updates, the price of XRP remained relatively unchanged, hovering around $0.50. This lack of price movement has raised questions about Ripple’s impact on The Value of XRP and Its Status as a Security.

Ripple’s Major Announcements and No Response from XRP

Ripple has been active lately, making several business moves. One of them is making the XRP ecosystem more DeFi-friendly by adding smart contracts to XRPL.

Ripple CEO Brad Garlinghouse he threw in a greater light on these events during Korea Blockchain Week in Seoul. Garlinghouse said the company will launch RLUSD in weeks, not months.

Apex round two? @bgarlinghouse AND @joelkatz go on stage #XRPLZone Korea to discuss everything from the origins of the XRP Ledger, to how new development capabilities can help XRPL developers customize their apps, and upcoming plans for the official launch of RLUSD! photo: twitter.com/snjMdS3M7y

— RippleX (@RippleXDev) September 4, 2024

However, despite these exciting events, The price of XRP showed little change.

Attorney Bill Morgan shared his observation on this development earlier today. He asks why these significant milestones have not affected the price of XRP and suggests that Ripple’s actions may not be enough to significantly impact the value of XRP.

This skepticism dovetails with Ripple’s ongoing legal battle with the SEC, which has argued that XRP is a security based on investors’ expectations of profits.

Morgan’s statements also relate to Ripple’s legal challenges. The SEC argued that XRP is a security because investors expect to profit from Ripple’s efforts.

He noticed, “As for the Howey test, I would not only question whether an XRP investor could have a reasonable expectation of profits from investing in XRP over the past few years, but I would question whether such expectations are rational.”

Morgan notes that XRP price movements are influenced not by Ripple’s efforts, but by broader market trends and the decentralized nature of XRPL.

In another tweetMorgan expanded on his observations. He said that XRP’s decentralized nature and global ecosystem mean that factors beyond Ripple’s control affect its price.

In his words, “The efforts of many people over a long period of time and many external factors will influence the long-term price policy of XRP.”

This undermines the SEC’s argument that XRP holders are relying on Ripple’s efforts to turn a profit.

Ripple XRP Whale Activity Rise Signals Potential Market Move

Despite the largely stagnant price movement, XRP whales seem to be quite active. Whale Alert recently mass transfer detected 105,481,561 XRP worth $58,216,178 between two unknown wallets.

105,481,561 #XRP (58,216,178 USD) transferred from unknown wallet to unknown new wallethttps://t.co/9mk9nllvr6

— Whale Alert (@whale_alert) September 5, 2024

In addition, two other major transfers consisting of 20,600,000 XRP and 30,360,000 XRP, worth over $28 millionwere registered in the last 24 hours. Interestingly, both were deposited on major exchanges, Bitso and Bitstamp.

Increase in whale activity may indicate upcoming market change for XRPSignificant whale trades often indicate upcoming price swings because they involve large volumes of assets.

For XRP holders, this increased whale activity could be a sign of potential upside. If the whale activity leads to more demand or further institutional involvement, the price of XRP could rise.

XRP transactions at $0.55, down 1.46% in the last 24 hours. The company’s market capitalization is $30.94 billion. However, it is higher than support at 0.54stopping the price from falling further. So there is hope for a quick rebound.