XRP Whale Moves 29M Coins Amid SEC’s Opposition To Ripple’s Motion

The U.S. SEC has recently filed its response to Ripple Labs’ May 13 filing of omnibus letter motions to seal key documents in the remedies-related briefing. Amid this attention-nabbing development, a renowned XRP whale has offloaded nearly 29 million XRP to a centralized exchange. This phenomenon, collectively, has piqued significant investor interest, further leading to speculation over its implications for XRP’s cryptographic journey.

Here’s a brief report on the thrilling plot twist witnessed by the Ripple vs. U.S. SEC lawsuit and recent whale activity surrounding the Ripple-backed token.

Whale Moves XRP Amid U.S. SEC’s Opposition To Ripple’s Omnibus Letter Motion

The SEC has taken a firm stance in its filing to Judge Analisa Torres in the United States District Court of the Southern District of New York. While it does not oppose Ripple’s requests for certain redactions, it has deemed a few proposed redactions to be of crucial interest and importance, and therefore, should not be allowed.

The U.S. SEC argued that- “In its briefing and in publicly posted statements, Ripple invites the public to form opinions about the merits of the SEC’s positions. It cannot simultaneously hide from them the evidence on which that position is based.”

 

Further, the SEC ruled out justifications for not permitting Ripple’s redaction and sealing of documents. “Ripple’s redaction and sealing requests would hide from the public the information central to the Court’s determination of remedies.” Moreover, the SEC contended that public access to this information is essential.

The filing also claimed that Ripple’s conclusory statements of harm are insufficient and that most of the evidence at issue is stale. This has further shrouded the lawsuit’s future in a cloud of uncertainty.

Meanwhile, on-chain data by Whale Alert illustrated that 28.7 million XRP was moved to Bitstamp, a crypto exchange, in the past 24 hours. The transaction was made by the renowned XRP whale, Rzn, further adding to speculations over XRP’s future price movements.

However, despite the notable selloff and Ripple facing a setback in the lawsuit, XRP has traded in the green today.

Also Read: Ethereum (ETH) Price Eyes $4,000 As Odds of Spot Ether ETF Improve

XRP Price Soars

As of writing, XRP’s price noted an uptick of 4.29% in the past 24 hours and is currently trading at $0.5364. The token’s 24-hour lows and highs are $0.5079 and $0.5424, respectively.

Coinglass data illustrated an 11.47% increase in XRP’s OI to $638.26 million, followed by a derivatives volume upswing of 152.01% to $1.31 billion. This data, collectively, underscored a market uptrend for XRP at press time despite regulatory uncertainty and some selling pressure encountered.

However, the RSI continued to hover at a neutral territory, around 55, signaling that the asset is neither overbought nor oversold.

Also Read: Democrats To Support House Republican Crypto Bill, Here’s Why

The post XRP Whale Moves 29M Coins Amid SEC’s Opposition To Ripple’s Motion appeared first on CoinGape.