During the heated legal dispute between Ripple and the Securities and Exchange Commission (SEC), XRP supporters keep a keen eye on the latest news. Ripple has submitted its counterargument against the SEC’s motion concerning remedies. Simultaneously, substantial XRP transactions by large investors have taken place, fueling market discussions and influencing investor confidence regarding XRP’s prospects.
Whale Transactions Fuel Speculation
The ongoing XRP versus SEC lawsuit has sparked significant interest in the cryptocurrency community, leading many investors to seek legal clarification on the issue. Notably, the price of XRP has experienced turbulence in recent trading sessions, a situation some analysts link to the ongoing court case.
Simultaneously, there have been two large-scale XRP transactions that have piqued the interest of market observers. Specifically, two whales have transferred a combined 40 million XRP, suggesting a possible change in investor sentiment regarding XRP.
Based on Whale Alert’s information, two large XRP buyers, one using the wallet address rfQ9E…k8Cvi and the other with the wallet address rarG6…2bZKk, purchased significant amounts of XRP from Binance. The first whale bought 18.84 million XRP, equivalent to around $10.26 million, while the second one acquired approximately 19.90 million XRP or about $10.92 million.
The increasing hoard has fueled debates among crypto traders about how it might influence XRP‘s price. Furthermore, this action suggests that investors are becoming more optimistic about XRP as a cryptocurrency.
XRP Price Amid Ripple’s Latest Stance
In simpler terms, Ripple’s latest argument against the SEC’s request for a final judgment and large penalties in their ongoing lawsuit is an important development that could influence XRP‘s price trend. Ripple strongly disputes the SEC’s proposed penalties of $2 billion, believing the requested disgorgement and civil fines are excessive.
Ripple puts forward three strong points in response to the charges against it by the SEC. These arguments raise concerns about the SEC’s inability to prove future infringements and bring up past legal rulings that restrict the scope of disgorgement. Furthermore, Ripple argues that the proposed penalty should not exceed $10 million due to flaws in the SEC’s case and lighter penalties imposed in similar digital asset cases.
In the meantime, although the recent XRP transaction showed a profit, its price was at $0.5405 with a 0.80% decrease in the past 24 hours. At the same time, the crypto’s trading volume dropped by 21% to reach $1.34 billion. However, despite this recent decline, XRP has gained approximately 11% over the last week.
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2024-04-24 16:37