News
Whale moves 63 million coins as Ripple strengthens its case
In an unprecedented development, a renowned XRP whale has once again moved significant amounts of XRP coins as the Ripple vs SEC lawsuit has taken a new turn. On-chain insights reveal that the whale has moved 63 million XRP as Ripple Labs has gone to court to file a Notice of Supplemental Authority.
The whale’s transaction as Ripple further strengthened its case stirred a whirlwind of speculation about XRP’s future price movements. Let’s delve deeper into why.
Whales dump coins despite Ripple’s bullish move
Notably, on-chain insights from Whale Alert reveal that 63 million coins, worth $30.63 million, were dumped to exchanges despite Ripple solidifying its arguments for meager fines. The well-known whale address …Rzn was noted to have dumped the aforementioned amount in two transactions to Bitstamp and Bitso.
These transactions triggered a storm of mixed sentiment in the market. While Ripple’s legal battle seemed to be progressing positively, offering a glimmer of hope for the future, the whale’s decision to offload the asset introduced a new level of uncertainty for future movements.
Meanwhile, legal expert Jeremy Hogan has taken to X, drawing attention to Ripple’s filing of a Notice of Supplemental Authority, highlighting the Binance vs SEC Lawsuit meant. He highlights that Ripple Labs’ move is relevant to two things: the possible injunction against Ripple and the potential fine.
In the context, Ripple filed the notice highlighting the Memorandum Opinion and Order issued by the U.S. District Court for the District of Columbia in the case SEC v. Ripple. Ripple argues strongly that the SEC’s classification of cryptocurrencies as securities is ambiguous and unclear, suggesting that both the injunction and the fine should be light.
It is worth noting that Ripple has also filed a lawsuit Notice of Supplemental Authority
the previous month, citing much smaller fines in the Terraform Labs lawsuit.
Collectively, these developments appear to have tilted the odds in Ripple’s favor. However, a final judgment of Judge Analyzes Torres still hovers.
At the same time, amid the uncertainty surrounding the process, the price of XRP continues to face turbulence.
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XRP Price Performance
At the time of printing, the XRP Price saw a 0.40% drop in value to trade at $0.4824. Its 24-hour lows and highs were recorded at $0.4784 and $0.4877, respectively.
XRP’s RSI has been moving over 46, suggesting broader neutrality for the asset. Crypto market enthusiasts continue to keep a close eye on the token as new developments unfold in the process. Additionally, a recent report by CoinGape Media cracks down on whether a $10. XRP Price Target is scalable or not.
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