Amid recent legal developments in the XRP case, a whale was recorded moving almost 51 million coins to CEXs. XRP’s price fluctuated considerably.
The legal battle between Ripple and the U.S. SEC has taken another intriguing turn, attracting significant attention from the XRP crypto community.
Following the recent opposition from the U.S. SEC to Ripple’s motion to seal critical documents related to remedies, Ripple Labs has submitted a “reply letter” supporting its motion.
A whale’s activity has generated considerable commotion in the cryptocurrency market amid this legal development.
The transfer of approximately 51 million XRP to CEXs by a well-known XRP whale sparked speculation regarding the future price trajectory of the Ripple-backed asset.
The ongoing whale activity has resulted in significant legal developments and cascading effects on XRP.
Whale Dumps 51M Coins Amid Ripple’s Reply Letter
Ripple Labs has unequivocally expressed its position in its filing with Judge Analisa Torres on May 29 in the United States District Court for the Southern District of New York.
It has predominantly challenged two of the central arguments put forth by the U.S. SEC.
To begin with, SEC claims that the present financial state of Ripple is ‘important to the Court’s determinations.’
Furthermore, Ripple has presented evidence to contradict the SEC’s claim that the data it provided is ‘stale,’ as the SEC stated in its opposition submitted earlier this month.
Intriguingly, in its filing, Ripple avoided providing its current financial condition, stating that the firm never denied paying any potential penalties that may be issued and that the financial condition data is irrelevant to the court’s assessment.
Ripple’s CFO, Jonathan Bilich, declared that contract terms remain confidential, and future counterparties would gain leverage from learning about negotiated terms in previous contracts.
Amidst these legal developments, a renowned XRP whale, Rzn, transferred 51.18 million XRP in two separate transactions to Bitstamp and Bitso.
The whale transferred 28.05 million XRP, worth $14.67 million, to Bitstamp.
In another transaction, it moved 23.13 million XRP, valued at $12.11 million, to Bitso.
Concurrently, amid heightened supply pressure on exchanges and legal uncertainty, XRP fluctuations were quite turbulent.
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.
It has fluctuated between $0.5201 and $0.5321 over the past 24 hours.
According to Coinglass data, the XRP futures OI dipped by 3.09%, while that of derivatives volume grew by 15.52%.
Possibly as a result of speculative trading, this further emphasized the market’s prevailing sense of uncertainty regarding the ripple-backed digital asset.
In addition, the RSI emerged at approximately 48.76, suggesting neutral conditions with marginal downside pressure.
The interplay of market data and regulatory ambiguity has provided XRP’s price fluctuations with an aura of perplexity.
Notably, renowned crypto analysts have foreseen that the Ripple-backed asset will soon surpass $1.
