- The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple is nearing its climax, with the SEC expected to release its response to the case today.
- Notably, there has been an increase in whale transactions involving XRP Coin ahead of this significant document’s release.
- In the midst of this legal showdown, a notable transaction made by a mysterious whale has intensified market reactions and volatility.
The SEC is set to release its response in the Ripple case, sparking an increase in XRP Coin whale transactions and market volatility. This article delves into the details of this development and its impact on XRP Coin’s price.
SEC to Release Response in Ripple Case
Expectations are high for the response document that the SEC is set to release on May 6. This document is of great importance as it comes ahead of Judge Analisa Torres’ decision on penalties related to Ripple’s alleged securities violations. As previously reported, in July 2023, Judge Torres found that Ripple violated the U.S. Securities Act by failing to register XRP as a security during its corporate sales. The SEC has proposed hefty penalties, including civil penalties and additional interest, amounting to approximately $1.95 billion, with a surprising compensation of $876 million. Ripple, on the other hand, argues that any penalty should not exceed $10 million. Amid these developments, the crypto community continues to be cautious about the SEC’s next moves, especially after Judge Torres’ decision in July 2023 not to classify XRP’s programmed sales as securities transactions.
XRP Coin Price Rises Ahead of Document Release
Before Judge Torres’ decision, whales moved a significant amount of XRP Coin. The transfer of 28.24 million XRP tokens, worth approximately $14.94 million, to the Bitstamp exchange attracted attention. This move came at a time when XRP’s market sentiment was improving and there was a sharp increase in positive expectations. Increased speculation led to fluctuations in XRP Coin prices. As a result, the token gained about 8% in value, rising from $0.53 to $0.57 in a short time. However, XRP Coin later lost some altitude. At the time of writing, the token was trading at $0.5515, up 4.27% on a daily basis.
Conclusion
The crypto market’s reaction to the upcoming court decisions will be critical. According to experts, it is possible that the intensity of sales could increase or pave the way for further price recovery. The XRP community is eagerly awaiting the outcome of this development.
