With the legal conflict between Ripple and the SEC escalating, the XRP community closely watches updates, as Ripple submits its opposition brief against the SEC’s remedies-related motion. Meanwhile, amid this ongoing legal turmoil, substantial whale transactions have occurred, sparking speculation in the crypto market and affecting investor sentiment regarding XRP’s future.
Whale Transactions Stoke Speculation
The Ripple Vs. SEC lawsuit has been one of the hottest topics in the crypto market lately, with a surge of investors seeking legal clarity on the matter. It’s noteworthy that the XRP price has also experienced volatile trading recently, which several experts have attributed to the ongoing XRP lawsuit.
Meanwhile, amidst this, two significant XRP transactions have caught the attention of market participants. Notably, two major whale transactions, totaling 40 million XRP, have seized the attention of investors, indicating a potential shift in sentiment toward the cryptocurrency. According to data from Whale Alert, two whales acquired substantial amounts of XRP from Binance, injecting positive momentum into the market. Upon examining the transactions closely, one whale, identified by the wallet address rfQ9E…k8Cvi, procured 18.84 million XRP, valued at approximately $10.26 million, from Binance. Similarly, another whale, with the wallet address rarG6…2bZKk, amassed around 19.90 million XRP, worth approximately $10.92 million, from the same crypto exchange.
This significant accumulation has sparked discussions in the crypto market over its potential implications on the XRP price. Additionally, the move also signifies a growing confidence of investors towards the XRP crypto.
XRP Price Amid Ripple Latest Stance
Ripple’s recent opposition brief against the SEC’s motion for final judgment and substantial penalties highlights the critical moment in the ongoing lawsuit and its potential impact on XRP’s price trajectory. Ripple contests the SEC’s proposed penalties of $2 billion, arguing against the excessive disgorgement and civil penalties sought by the regulatory body.
In its defense, Ripple presents three compelling arguments, questioning the SEC’s failure to demonstrate future violations and emphasizing legal precedents that limit disgorgement. Furthermore, Ripple asserts that the civil penalty should not exceed $10 million, citing weaknesses in the SEC’s case and comparative fines in other digital asset litigation.
Meanwhile, despite the positive transaction, the XRP price traded at $0.5377, noting a decrease of 0.80% over the last 24 hours. Simultaneously, its trading volume from yesterday also declined by 21% to $1.34 billion at the same time. However, despite the recent retreat, the crypto’s price has added nearly 11% over the last seven days.
