- Ripple Labs has filed a ‘reply letter’ to the U.S. SEC, creating a buzz in the crypto community.
- A notable XRP whale has moved over 51 million coins to centralized exchanges (CEXs).
- The legal and market activities have led to significant volatility in XRP’s price.
Discover the latest developments in the Ripple vs. SEC case and how a massive XRP whale transaction is impacting the market.
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.
XRP Price Fluxes
As of writing, XRP’s price has dropped 1.11% in the past 24 hours and is currently trading at $0.5236. Its 24-hour lows and highs are $0.5201 and $0.5321, respectively.
Coinglass data shows that XRP futures OI saw a 3.09% dip, whereas the derivatives volume spiked 15.52%. 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.
Conclusion
The ongoing legal battle between Ripple and the U.S. SEC, coupled with significant whale activity, has led to notable volatility in XRP’s market performance. While the future remains uncertain, market analysts suggest potential upward movement for XRP, contingent on favorable legal outcomes and market conditions. Investors should stay informed and cautious as the situation continues to evolve.
