The ongoing Ripple Vs SEC lawsuit has sparked significant activity in the XRP market, with notable moves being made by XRP whales. One such move was the transfer of 129 million XRP by prominent holders, which has captured the attention of market participants. This has raised questions about potential implications for Ripple’s legal battle.
Whale Transactions Amid Lawsuit Speculation
An unknown whale with wallet address “r4wf7….h4Rzn” transferred 28.8 million XRP to the Bitstamp exchange, which has led to debates among observers. Some interpret this move as a selloff strategy, while others speculate that it could be part of Ripple’s liquidity management efforts, given its previous stake acquisition in Bitstamp.
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It’s worth noting that Bitstamp’s collaboration with Ripple on XRP-based cross-border payments, formerly known as ODL (On-Demand Liquidity), further complicates the interpretation of the whale transaction. Ripple often makes these transactions to the crypto exchange to facilitate seamless fund transfers globally using XRP, without the need for pre-funded accounts.
Another significant transfer of 100 million XRP has added to the ongoing discussions in the XRP community. According to Whale Alert, 100 million XRP has been transferred by an unknown wallet to another unknown wallet which has sparked speculations, especially ahead of the Ripple Vs. SEC lawsuit.
Ripple vs. SEC: A Battle That Sparks Fear and Hope for XRP Price
As Ripple Labs’ defense team prepares to file its opposition brief in response to the SEC’s remedies-related brief, anticipation mounts regarding the lawsuit’s trajectory. Notably, the SEC’s request for final judgment and substantial penalties further intensifies scrutiny of Ripple’s legal strategy and potential outcomes.
Today marks a pivotal moment in the legal proceedings, as Ripple is expected to submit a sealed response to the SEC’s allegations, with a redacted version expected to be made public in the coming days. The outcome of this latest filing, coupled with ongoing courtroom deliberations, will likely shape market sentiment and influence XRP’s price trajectory in the days ahead.
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As of writing, the XRP price was up 1.59% to $0.5374, while its trading volume fell 4.16% to $1.06 billion. Simultaneously, the crypto has added nearly 5% over the last seven days, while noting a monthly loss of over 15%.