XRP News: Ripple CEO’s Counsel Withdraws From Lawsuit; Whales Move 675 Million XRP

XRP News: XRP, Ripple’s native token price has dropped by around 10% in the past 7 days due to increased selling pressure in the market. However, Crypto whales have taken the full opportunity to add more XRP to their large wallets. Meanwhile, a surprising XRP lawsuit news has lightened up several speculations.

Major blow to Ripple in XRP lawsuit?

Attorney James Filan informed that Attorney Nicole Tatz, Counsel of Ripple CEO, Brad Garlinghouse has filed a motion in the district court. Tatz a motion mentioned that she is withdrawing as the Counsel for Garlinghouse as she will no longer be associated with the law firm.

Filan added that all the other Counsel of Ripple and defendants will remain the same in the XRP lawsuit.

Coingape reported that Attorney informed what might be the next step of the SEC in the case. Jeremy Hogan said that the commission might file for reconsideration of the summary judgment before appealing it. However, he is not sure that SEC would file an appeal after a loss.

Whale moving Ripple’s token amid price dump

As per the data provided by WhaleAlert, crypto whales have moved more than 675 million XRP tokens over the last 24 hours. Whales have moved around $232 million worth of XRP tokens.

A whale wallet added 62.3 million XRP (approx worth $21.7 million) from the Bitso crypto exchange.

Meanwhile, whales moved more than 170 million XRP (approx worth $58 million) from their wallets to crypto exchanges in order to book profits. This can be the possible reason behind the price drop. However, the whales have moved around 90.8 million XRP (approx worth $32 million) from their wallets to the Coinbase crypto exchange.

XRP price is down by more than 3% in the last 24 hour. It is trading at an average price of $0.342, at the press time. Ripple’s native token is still holding a market cap of over $17.2 billion.