Whale Moved 51 Million Coins Amid ripple‘s Response Letter to US SEC, What’s Next?
XRP Price: The legal battle between Ripple and the US SEC has once again become exciting and XRP has attracted a lot of attention in the crypto community. Ripple Labs has filed a ‘letter of response’ in support of its request to seal key documents regarding its remedies, following the US SEC’s recent objection to Ripple’s move.
In the midst of this legal development, the action of a whale caused significant turmoil in the crypto market. A famous XRP whale was recorded shifting around 51 million XRP to CEXs, giving rise to speculations regarding the future price trajectory of the Ripple-backed asset.
Here’s a closer look at the latest regulatory developments and the ripple effect this whale activity is causing on XRP.
Whale Drops 51 Million Coins Amid Ripple’s Response Letter: Here’s Everything
Ripple Labs made its stance clear in a filing filed with Judge Analisa Torres in the United States District Court for the Southern District of New York on May 29. First, the US challenged two of the SEC’s main arguments. First, the SEC’s claim that Ripple’s current financial situation is ‘material to the Court’s decisions.’ Secondly, Ripple has denied the SEC’s claim that the information it provided was ‘outdated’, as stated in its objection earlier this month.
Interestingly, Ripple refrained from disclosing its current financial situation in its application, claiming that the firm had never refused to pay any potential penalty amount that might have been imposed, otherwise its financial situation data had no relevance to the court’s analysis. Additionally, Ripple facilitated its CFO Jonathan Bilich by declaring that the contract terms were confidential and future counterparties would benefit.
From learning Ripple’s terms negotiated in past contracts.
Meanwhile, as these legal developments unfolded, the famous XRP whale Rzn transferred 51.18 million XRP to bitstamp and bitso through several transactions. Whale transferred 28.05 million XRP worth $14.67 million to Bitstamp. In another transaction, he shifted 23.13 million XRP worth $12.11 million to Bitso. It is worth noting that this wallet address could potentially be linked to Ripple, as Ripple has been recorded making recurring XRP transactions to the aforementioned CEXs following collaborative initiatives with these exchanges.
Simultaneously, XRP traded in a highly turbulent manner amid regulatory uncertainty and increased supply pressure on exchanges.
Also Read: Shiba Inu‘s Shibarium Reaches Major Milestone, Ethereum Shortens Bridge Time
XRP Price Changes
As of press time, the price of XRP is down 1.11% in the last 24 hours and is currently trading at $0.5236. The 24-hour low and high are $0.5201 and $0.5321 respectively.
Coinglass data shows that XRP futures OI saw a decrease of 3.09%, while derivative volume increased by 15.52%. This further highlighted the uncertain sentiment towards the volatility-backed digital asset that is prevalent in the market due to potentially speculative trading.
Additionally, the RSI has surfaced around 48.76, indicating neutral territory with slight downside pressure. Collectively, market data combined with regulatory uncertainty have shrouded XRP’s price movements in a cloud of enigma.
However, it is also worth noting that well-known crypto analysts predict that the Ripple-backed asset will rise above $1 in a short time.
Also Read: This Group Accumulated 154,560 Bitcoins in Five Months, Will BTC Price Increase in the Future?
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