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Highlights
- Amid Ripple's reply letter to support sealing of its remedies-related documents, a whale dumped 51 million coins to CEXs.
- The XRP whale activity, coupled with legal developments, has caused the token's price to bore the brunt in the market.
- XRP price fluctuates today birthing uncertain market sentiments.
XRP Price: The Ripple vs the U.S. SEC legal tussle has once again taken an exciting turn, garnering substantial attention across the XRP crypto community. Ripple Labs has filed a ‘reply letter’ in support of its motion to seal key remedies-related documents following the U.S. SEC’s recent opposition to Ripple’s motion.
Amidst this legal development, a whale’s action has caused a significant stir in the crypto market. A renowned XRP whale was recorded shifting nearly 51 million XRP to CEXs, birthing speculations over the Ripple-backed asset’s future price trajectory.
Here’s a closer look at the recent legal developments and the ripple effect for XRP caused by this whale activity.
Whale Dumps 51M Coins Amid Ripple’s Reply Letter: Here’s Everything
Ripple Labs has made its stance clear in its May 29 filing to Judge Analisa Torres in the United States District Court of the Southern District of New York. It has primarily contested two of the U.S. SEC’s central arguments. Firstly, the SEC’s claim that Ripple’s current financial condition is ‘important to the Court’s determinations.’ Secondly, Ripple has refuted the SEC’s assertion that the information it provided is ‘stale,’ as the SEC proclaimed in its opposition filed earlier this month.
Intriguingly, in its filing, Ripple eluded disclosing its current financial condition, claiming that the firm never denied paying any potential amount of penalties that may be imposed, and otherwise, the financial condition data is of no relevance for the court’s analysis. Moreover, Ripple facilitated through the declaration of its CFO, Jonathan Bilich, that the terms of its contracts are confidential and future counterparties would gain leverage
from learning Ripple’s negotiated terms in past contracts.
Meanwhile, as these legal developments unfolded, a renowned XRP whale, Rzn, offloaded 51.18 million XRP to Bitstamp and Bitso via a couple of transactions. The whale transferred 28.05 million XRP, worth $14.67 million, to Bitstamp. In another transaction, it shifted 23.13 million XRP, worth $12.11 million, to Bitso. It’s worth mentioning that this wallet address might be potentially linked to Ripple, as it has been recorded making recurring XRP transactions to the mentioned CEXs after Ripple’s collaborative ventures with these exchanges.
Simultaneously, amid legal uncertainty and increased supply pressure on exchanges, XRP traded with quite turbulence.
Also Read: Shiba Inu’s Shibarium Attains Major Milestone, Cuts Ethereum Bridge Time
XRP Price Fluxes
As of writing, XRP’s price has surged by 0.05% in the past 24 hours and is currently trading at $0.5252. Its 24-hour lows and highs are $0.5136 and $0.5273, respectively.
Coinglass data shows that XRP futures OI saw a 1.49% surge to $626.62M reflecting a bullish shift while the derivatives volume declined 2.18%. This further underscored an uncertain sentiment for the ripple-backed digital asset prevalent in the market, potentially due to speculative trading.
Besides, the RSI surfaced at around 48.76, hinting at neutral territory with slight downside pressure. Collectively, market data coupled with regulatory uncertainty have shrouded XRP’s price movements in a cloud of conundrum.
Nonetheless, it is worth mentioning that well-known crypto analysts have foreseen the Ripple-backed asset topping $1 shortly.
Also Read: This Cohort Accumulated 154,560 Bitcoins In Five Months, BTC Price Surge Ahead?
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