The expert discovery phase of the SEC vs. Ripple lawsuit has come to an end, showing how the regulator chooses winners and losers among cryptocurrencies. Leading cryptocurrency exchanges moved 120 million XRP tokens, fueling a positive attitude among traders.
As huge transactions flood the network, investors are positive about the XRP price.
Large cryptocurrency exchanges transferred $88.8 million worth of XRP tokens over the weekend. According to statistics from crypto tracker Whale Alert, a total of 120 million XRP was exchanged.
Binance, Bittrex, and Upbit were involved in three large value transactions on the XRP blockchain.
Despite an increase in high-volume transactions on the XRP network, the altcoin has lost 4.8 percent in the last week. Because Ripple is the largest public holder of the altcoin, the US Securities and Exchange Commission’s case against the company has a substantial impact on the price of XRP.
The expert discovery phase is drawing to a close in the SEC vs. Ripple case, filling investors with optimism for the lawsuit’s outcome. The expert discovery deadline was postponed four times prior to the final shift to February 28, 2022.
Jeremy Hogan, a Ripple supporter, and attorney, believes that Ripple’s most recent motion is the “hardest hitting brief” yet. The recent filing, according to the Hogan & Hogan partner, will have a positive impact on the result of the SEC vs. Ripple lawsuit.
Ripple’s victory, according to a former SEC officer, is a foregone conclusion.
The SEC had earlier requested a reply from the sitting District Judge in support of its application to dismiss the fair notice defense. The judge rejected the regulator’s attempt, which was a watershed event for the payments behemoth.
The victory of Ripple is critical for XRP investors’ outlook on the altcoin and its price trajectory in 2022.
Former SEC officer Joseph Hall commented on the lawsuit, claiming that payments firm Ripple’s defense is excellent.