XRP Whale Moves Spark Market Attention Amidst Deaton’s Fight Commitment
https://coingape.com/sec-fires-back-at-binanceus-with-evidence-and-testimony/A massive XRP dump of 30.7 million tokens occurred from an undisclosed wallet, Whale Alert reported. Investors are closely watching for potential price movements and market reactions following this significant transaction. However, the XRP price witnessed positive momentum on Friday, as the latest comment from John E. Deaton might have fuelled the traders’ confidence.
John Deaton Commits To Fight
Attorney John Deaton, known for his representation of XRP holders in the ongoing Ripple vs. SEC lawsuit, submitted a formal notice to join the LBRY lawsuit as an Amicus Curiae, in 2022. On September 14, he further filed a Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell in the LBRY case, while reaffirming his dedication to remain engaged throughout the proceedings, regardless of the ultimate result.
Commenting on James K. Filan’s post on X account, where he said that Deaton has filed the Notice of Appearance, Deaton said he is committed to the fight, no matter what will be the outcome.
In 2022, LBRY faced SEC accusations of breaching securities laws through the sale of their native LBC tokens. LBRY contested these allegations but ultimately lost the case in July 2023.
As a result, LBRY was ordered to permanently cease any activities related to securities law violations or unregistered crypto securities offerings, leading to LBRY’s decision to shut down.
To provide context, in 2022, lawyers Bill Gannon and John Deaton filed a document on behalf of tech journalist Naomi Brockwell, outlining her interests in the case. Brockwell revealed her earnings in the form of LBC cryptocurrency from tips, viewer purchases, and rewards, clarifying that she had not converted her LBC tokens into cash and retained ownership of them.
In July 2023, the United States District Court in New Hampshire issued a final judgment against LBRY, finding it guilty of violating the Securities Act of 1933.
It’s worth noting that the Ripple Labs case faced similar SEC allegations regarding the sale of $1.3 billion in XRP tokens. Despite concerns that the LBRY ruling might impact the XRP lawsuit, in July 2023, U.S. District Judge Analisa Torres ruled in favor of Ripple, determining that XRP token sales to retail buyers did not qualify as securities.
Also Read: ADA Price Surges Despite Low Crypto Volatility, Massive Rally Incoming?
Performance of XRP
Investors are closely monitoring the price performances of the cryptos amid a highly volatile condition in the market. In a recent development, Whale Alert reported that 30.7 million XRP, worth $15,037,735, has been transferred from an unknown wallet to Bitstamp exchange.
Although the news of such a big dump initially spooked some traders, the XRP crypto remained stable on Friday. During writing, the XRP price was up 2.84% to $0.4962, and its 24-hour volume was up 16.87% to $908,390,116.
However, the LBRY Credits price dropped by 4.36% as of writing and traded at $0.01347.
Also Read: XRP Holders Prepare For Ripple’s Victory Party, Rally To $1?
- Zcash (ZEC) Extends Rally Above $200 as Privacy Narrative Gains Reflexive Momentum
- Pump.fun Rival Zora Rallies Over 30% Following Robinhood Listing
- Peter Brandt Lists XRP Among Shorts Amid Crypto Market Crash
- Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Dogecoin Price Outlook as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana (SOL) Price Prediction: Analyst Eyes $1,300 as SOL DAT Company Plans 5% Supply Acquisition
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
