XRP Lawsuit: Whale Moves 28M Coins Ahead SEC's Reply Brief Deadline

Highlights

XRP whale transfers 28M coins to Bitstamp, sparking speculation amid Ripple-SEC lawsuit.
The whale transfer comes ahead of the SEC's deadline to file its reply brief.
Despite market uncertainty, XRP price surges over 2% amid broader crypto recovery.

The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) intensifies, with the investors seeking further clarity in the XRP lawsuit. Notably, the recent developments, including a substantial transfer of 28.24 million XRP by an unidentified whale to the Bitstamp exchange, have heightened speculation.

Meanwhile, as investors eagerly await the SEC’s reply brief, scheduled for later today on May 6, the community is abuzz with anticipation and conjecture.

Whale Moves 28M Coins Sparking Speculations

As the Ripple vs. SEC legal drama continues, a mysterious XRP whale, operating under the wallet address “r4wf7…h4Rzn,” has sent shockwaves through the market by transferring a hefty sum of XRP. According to Whale Alert, the whale has transferred 28.24 million XRP tokens, valued at approximately $14.94 million, to the Bitstamp exchange.

Notably, this latest movement follows a series of sizable XRP transfers to centralized exchanges in recent weeks by the same whale, prompting intense speculation regarding the underlying motives behind these transactions. In other words, the sudden movement of millions in XRP by the enigmatic whale has triggered a flurry of conjectures within the cryptocurrency community.

While some analysts interpret the transfer as a strategic selloff, potentially signaling a lack of confidence in XRP’s future amid the ongoing legal uncertainties, others speculate that it may align with Ripple’s broader liquidity management strategy.

Also Read: Bitcoin Dormant Whale Shifts $44M BTC As Price Crosses $64K

Price Movements As Speculation Mounts Over XRP Lawsuit

As investors eagerly await the SEC’s impending reply brief, tensions mount amid the anticipation of potential market-moving revelations. The SEC faces a critical deadline, obligated to file the reply brief by May 6, with a redacted version due by May 8. This follows Ripple’s earlier motion to strike expert testimony from the SEC’s remedy-related opening brief, intensifying the legal back-and-forth between the two parties.

Meanwhile, in its motion, Ripple contested the inclusion of testimony from Andrea Fox, arguing that the SEC had failed to disclose her identity and testimony during remedies-related discovery. The SEC, however, maintained that Fox served as a summary witness, thus exempt from disclosure requirements during discovery.

Notably, Ripple’s reply brief emphasized the SEC’s failure to address pertinent cases cited in its motion, underscoring the contentious nature of the legal dispute. However, discussions on the XRP lawsuit surged after legal experts predicted Ripple’s potential loss.

For context, pro-XRP lawyer Bill Morgan suggested Ripple might lose the motion, anticipating the judge’s acceptance of expert evidence from Fox. In addition, Attorney Jeremy Hogan echoed the same sentiment, asserting Ripple’s probable loss and subsequent deposition. Hogan emphasized the rarity of his stance, indicating the likelihood of Ripple deposing Fox, even if considered an “expert” by the court.

Meanwhile, despite the recent dump, the XRP price soared 2.59% to $0.5436 during writing. Notably, the crypto has added nearly 9% over the last seven days, amid a recovery noted in the broader crypto market.

Also Read: Jack Dorsey Steps Down from Bluesky Board, Praises Elon Musk’s X

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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