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Whale moves 28 million coins before SEC response deadline
The legal battle between Ripple and the US Securities and Exchange Commission (SEC) intensifies, with investors seeking more clarity on the XRP process. Notably, recent developments, including a substantial transfer of 28.24 million XRP by an unidentified whale to the Bitstamp exchange, have increased speculation.
Meanwhile, as investors anxiously await the SEC’s response, scheduled for today, May 6, the community is abuzz with anticipation and conjecture.
Whale moves 28 million coins, generating speculation
As the legal drama Ripple vs. SEC continues, a mysterious XRP whale, operating under the wallet address “r4wf7…h4Rzn,” sent shockwaves through the market by transferring a large sum of XRP. According to Whale Alert, the whale transferred 28.24 million XRP tokens, valued at approximately $14.94 million, to the Bitstamp exchange.
Notably, this latest move follows a series of considerable changes XRP Transfers to centralized exchanges in recent weeks by the same whale, causing intense speculation about the motives underlying these transactions. In other words, the sudden movement of millions in XRP by the enigmatic whale triggered a flood of conjecture within the cryptocurrency community.
While some analysts interpret the transfer as a strategic liquidation, potentially signaling a lack of confidence in the future of XRP amid ongoing legal uncertainty, others speculate that it may align with Ripple’s broader liquidity management strategy.
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Price Movements as XRP Lawsuit Speculation Rises
As investors anxiously await the SEC’s imminent response, tensions are rising amid anticipation of potential market-moving revelations. The SEC faces a critical deadline, required to file the response summary by May 6, with a redacted version expected by May 8. This follows Ripple’s previous motion to eliminate expert testimony from the SEC’s remedy-related opening summary, stepping up legal defenses between the two parties.
Meanwhile, in your movement, Curling challenged the inclusion of Andrea Fox’s testimony, arguing that the SEC failed to disclose her identity and testimony during drug discovery. O SEChowever, it held that Fox served as a summary witness, thereby exempting himself from disclosure requirements during discovery.
Notably, Ripple’s response summary emphasized the SEC’s failure to address the pertinent cases cited in its motion, underlining the contentious nature of the legal dispute. However, discussions about the XRP lawsuit increased after legal experts predicted Ripple’s potential loss.
For context, pro-XRP lawyer Bill Morgan suggested that Ripple could lose the motion, preempting the judge’s acceptance of Fox’s expert evidence. Additionally, attorney Jeremy Hogan expressed the same sentiment, stating Ripple’s likely loss and subsequent testimony. Hogan emphasized the rarity of his stance, indicating the likelihood of Ripple deposing Fox, even though he is considered an “expert” by the court.
However, despite the recent eviction, the XRP Price rose 2.59% to $0.5436 at time of writing. Notably, the crypto is up nearly 9% over the past seven days amid a recovery seen in the broader crypto market.
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