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Whale Moves 51 Million Coins Amid Ripple’s Response Letter to US SEC, What’s Next?
XRP Price: The legal dispute between Ripple and the US SEC has once again taken an exciting turn, attracting substantial attention across the XRP crypto community. Ripple Labs filed a ‘response letter’ in support of its motion to seal key drug-related documents following the US SEC recent opposition to Ripple’s motion.
Amid this legal development, a whale’s action has caused a significant stir in the crypto market. A renowned XRP whale was recorded transferring nearly 51 million XRP to CEXsgenerating speculation about the future price trajectory of the Ripple-backed asset.
Here is a closer look at recent legal developments and the XRP ripple effect caused by this whale activity.
Whale Dumps 51 Million Coins Amid Ripple Reply Letter: Here’s Everything
Ripple Labs made its position clear in its May 29 filing with Judge Analisa Torres in the United States District Court for the Southern District of New York. It mainly challenged two of the US SEC’s central arguments. First, the SEC’s claim that Ripple’s current financial situation is “material to the Court’s determinations.” Second, Ripple refuted the SEC’s assertion that the information provided is “obsolete,” as the SEC proclaimed in its opposition filed earlier this month.
Interestingly, in its presentation, Ripple avoided disclosing its current financial situation, claiming that the company has never denied paying any potential amount of penalties that may be imposed and, otherwise, the financial situation data is not relevant to the analysis. of the court. Furthermore, Ripple facilitated through its CFO’s statement, Jonathan Bilichthat the terms of their contracts are confidential and that future counterparties would gain influence
learning Ripple’s negotiated terms from previous contracts.
Meanwhile, as these legal developments unfolded, a renowned XRP whale, Rzn, offloaded 51.18 million XRP to Bitstamp and Bitso through a few transactions. The whale transferred 28.05 million XRP, worth $14.67 million, to Bitstamp. In another transaction, he transferred 23.13 million XRP, worth $12.11 million, to Bitso.
Simultaneously, amid legal uncertainty and increased supply pressure on exchanges, XRP traded with considerable turbulence.
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XRP Price Flows
At the time of writing, XRP Price is down 1.11% in the last 24 hours and is currently trading at $0.5236. Its 24-hour lows and highs are $0.5201 and $0.5321, respectively.
Data from Coinglass shows that XRP futures OI fell by 3.09%, while derivatives volume increased by 15.52%. This further highlighted an uncertain sentiment towards the ripple-backed digital asset prevalent in the market, potentially due to speculative trading.
Additionally, the RSI emerged around 48.76, suggesting neutral territory with slight downward pressure. Collectively, market data coupled with regulatory uncertainty has shrouded XRP price movements in a cloud of enigma.
However, it is worth mentioning that well-known crypto analysts predicted the Ripple-backed asset reaching $1 soon.
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