The crypto world wraps up another week with eye-catching developments across the broader market. The XRP lawsuit took a new turn as Ripple Labs countered the SEC’s opposition to sealing key remedies-related documents. However, a common concern for many crypto investors persisted as Bitcoin (BTC) and Ethereum (ETH) continued to struggle to gain significant upside momentum. This struggle, along with a mixed trading session for other cryptocurrencies, marked the last seven days in the crypto market.
Here’s a collective overview of some of the top headlines:
The Ripple Labs vs. U.S. SEC lawsuit has taken an exciting turn this week. Ripple countered the SEC’s motion to oppose sealing key remedies-related documents. In its ‘reply letter’ to the SEC, Ripple Labs ruled out two primary reasons why sealing documents remains crucial.
On the other hand, pro-XRP lawyer Bill Morgan has stepped in to address the FUD surrounding XRP ODL sales this week, also disregarding the implications of Ripple’s lawsuit and escrow on XRP’s price. Meanwhile, XRP whales have become notably active, accumulating coins despite the asset’s sluggish market performance and uncertainty caused by the lawsuit.
The flagship crypto, on the other hand, experienced a tough week, as the token’s price continued to struggle to break significantly above the $70K mark. However, BTC briefly topped $70K, but the token soon witnessed a waning price trajectory back to the $67K level. This primarily aligns with crypto options expiry on Friday, May 31.
Additionally, the amount of BTC withdrawn from exchanges noted a phenomenal spike, worth $2.5 billion, per recent market data. This, collectively, has garnered significant attention toward Bitcoin this week.
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Whereas, similar to Bitcoin, Ethereum and other altcoins have mimicked a turbulent price action this week. Despite the ETH ETF buzz, Ethereum struggled to maintain a break above $3,800, aligning with options expiry on May 31. Moreover, top altcoins SOL, XRP, and DOGE witnessed a sluggish movement over the past week.
Dogecoin(DOGE), Pepe coin (PEPE), and FLOKI whale activity have spiked considerably, whereas LUNC emerged as the new topic of discussion, making noteworthy advancements.
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