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280 million XRP moved as Ripple CFO files statement under penalty
In a fascinating twist, the Ripple XRP vs. US SEC initiated a new turnaround today following the May 13 filing of omnibus card movements to seal important details about solution-related documents. Ripple CFO Jonathan Bilich has filed a statement in support of Ripple’s motion to seal documents relating to discounts offered on XRP to institutional buyers, as highlighted by renowned attorney James K. Filan in X.
Amid Ripple’s appeal to Judge Torres to seal certain documents tied to the SEC’s motion for judgment and remedies, it was noted that 280 million XRP tokens were moved via Ripple and a CEX. Here is a summary on the developments that unfolded with the filing of class letter motions and Ripple’s CFO further weighing in on the motion.
280 Million XRP Moved Amid Ripple Request to Seal Documents Relating to ‘Remedies Movement’
According to simplified insights by blockchain tracker Whale Alert, 279.97 XRP were recently moved by unknown addresses back and forth between Bitstamp and Ripple collectively. A renowned XRP whale, Rzn, has continued transferring coins to Bitstamp, with 29.97 million XRP offloaded in its most recent transfer.
On the other hand, the remaining transactions also captured notable attention, illustrating XRP transfers from an unknown Ripple wallet to an unknown address. The first transfer illustrated that 150 million XRP was moved via Ripple to the address…7XZ63sKxv3. Since this address transferred an additional 100 million XRP to another unknown address,….r2SE32hk.
Meanwhile, Ripple’s CFO stated in his statement regarding Ripple’s highly confidential information: “I present this statement to support Ripple’s proposed redactions.” They fall into three categories: certain financial figures contained in or derived from Ripple’s non-public audited financial statements, highly sensitive and confidential financial terms of Ripple’s contracts with third parties, and highly sensitive and confidential information from Ripple’s internal financial reports on business strategies .
Subsequently, the XRP token intriguingly traded in the green.
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XRP Price Pumps
At the time of writing, XRP Price has seen an increase of 3.20% in the last 24 hours and is currently trading at $0.5071. The token’s 24-hour trading volume saw a notable increase of 44.20%, reaching $859.07 million.
The rise in prices experienced by Token backed by Ripple is set against the backdrop of recent developments in the process and the enormous activity of whales, as mentioned above. Furthermore, Coinglass data underlines a bullish trend in the XRP market to date.
With an increase in open interest of 3.37% to $571.21 million, followed by an increase in derivatives volume of 42.05% to $794.09 million, the token rode bullish waves with higher commercial activity and increased investor interest.
However, the token has witnessed quite turbulent price action since the American blockchain payments company began a legal dispute with the US SEC. With both parties having until May 20 to file letters opposing the collective motions, crypto market enthusiasts continue to keep an eye on XRP for further changes in price actions.
Read too: Coinbase CLO Slams SEC for Ignoring Wells Process in Debt Cash Case