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Highlights
- Significant whale transactions inject speculation and affect sentiment in the XRP market.
- XRP's legal turmoil intensifies as Ripple counters SEC's $2 billion fine motion.
- Ripple challenges the SEC's proposed penalties, arguing against excessive disgorgement and civil fines.
As the legal battle between Ripple and the SEC intensifies, the XRP community is closely monitoring developments, with Ripple filing its opposition brief against the SEC’s remedies-related motion. Meanwhile, amid this ongoing legal turmoil, significant whale transactions have occurred, raising speculation in the crypto market and impacting investor sentiment regarding XRP’s future.
Whale Transactions Fuel Speculation
The Ripple Vs. SEC lawsuit has been one of the hottest topics in the crypto market lately, with a flurry of investors seeking legal clarity on the matter. It’s worth noting that the XRP price has also gone through volatile trading lately, which several experts have attributed to the ongoing XRP lawsuit.
Meanwhile, amid this, two significant XRP transactions have caught the eyes of the market participants. Notably, two major whale transactions, totaling 40 million XRP, have captured the attention of investors, signaling a potential shift in sentiment towards the cryptocurrency.
According to data from Whale Alert, two whales acquired substantial amounts of XRP from Binance, injecting positive momentum into the market. Looking closely at the transactions, one whale, identified by the wallet address rfQ9E…k8Cvi, acquired 18.84 million XRP, valued at approximately $10.26 million, from Binance. Similarly, another whale, with the wallet address rarG6…2bZKk, accumulated around 19.90 million XRP, worth approximately $10.92 million, from the same crypto exchange.
This significant accumulation has sparked discussions in the crypto market over its potential implications on the XRP price. In addition, the move also signals a growing confidence of the investors towards the XRP crypto.
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XRP Price Amid Ripple’s Latest Stance
Ripple’s recent opposition brief against the SEC’s motion for final judgment and substantial penalties underscores the critical juncture in the ongoing lawsuit and its potential impact on XRP’s price trajectory. Ripple challenges the SEC’s proposed penalties of $2 billion, arguing against the excessive disgorgement and civil penalties sought by the regulatory body.
In its defense, Ripple presents three compelling arguments, questioning the SEC’s failure to demonstrate future violations and highlighting legal precedents that limit disgorgement. In addition, Ripple contends that the civil penalty should not exceed $10 million, citing weaknesses in the SEC’s case and comparative fines in other digital asset litigation.
Meanwhile, despite the positive transaction, the XRP price traded at $0.5405, noting a decrease of 0.80% over the last 24 hours. Simultaneously, its trading volume from yesterday also fell 21% to $1.34 billion at the same time. However, despite the recent retreat, the crypto’s price has added nearly 11% over the last seven days.
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