Ripple Lawsuit: Major Crypto Exchanges Move $88.8 Million In XRP As Expert Discovery Wraps Up
Expert discovery in the SEC vs. Ripple case draws to a close, revealing how the regulator picks winners and losers among cryptocurrencies. 120 million XRP tokens were transferred by leading cryptocurrency exchanges, fueling a bullish sentiment among traders.
Investors bullish on XRP price as large transactions flood the network
Over the weekend, large cryptocurrency exchanges engaged in the transfer of $88.8 million worth of XRP tokens. A total of 120 million XRP was transferred, based on data from crypto tracker Whale Alert.
Binance, Bittrex, and Upbit were involved in three large value transactions on the XRP blockchain.
Despite a spike in large volume transactions on the XRP network, the altcoin has posted 4.8% losses over the past week. The US Securities and Exchange Commission’s case against payments giant Ripple has a significant impact on XRP price since the firm is the largest public holder of the altcoin.
The expert discovery phase is drawing to a close in the SEC vs. Ripple case, filling investors with optimism for the lawsuit’s outcome. The expert discovery deadline was postponed four times prior to the final shift to February 28, 2022.
Ripple proponent and attorney, Jeremy Hogan believes that the most recent motion by payments giant Ripple might be the “hardest hitting brief.” The Hogan & Hogan partner expects the recent filing to have a positive impact on the outcome of the SEC vs. Ripple case.
Former SEC official believes Ripple’s win is assured
The SEC had previously requested the presiding District Judge, to file a sur-sur-reply in support of its motion to strike the fair notice defense. In a watershed moment for the payments giant, the judge denied the regulator’s attempt.
Ripple’s win is key to the XRP investor’s outlook on the altcoin and its price trend in 2022.
Joseph Hall, previously an SEC official, commented on the lawsuit, arguing that payments giant Ripple’s defense is an excellent one.
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