In an interesting turn of events, the Ripple (XRP) vs. the U.S. SEC lawsuit has embarked upon a new twist today, following the May 13 filing of omnibus letter motions to seal key details regarding remedies-related documents.
280 Million XRP on the Move as Ripple Ripple CFO Files Declaration Under Penalty
Ripple’s CFO (Chief Financial Officer), Jonathan Bilich, has filed a declaration in support of Ripple’s motion to seal the documents, as highlighted by renowned lawyer James K. Filan. Amid Ripple’s appeal to Judge Torres to seal certain documents linked to the SEC’s Motion for Judgment and Remedies, a staggering 280 million XRP tokens were noted to have been moved via Ripple and a CEX. Here’s a briefing on the developments that unfolded with the filing of omnibus letter motions and Ripple’s CFO further weighing in on the motion.
Whale Movements
According to the insights streamlined by the blockchain tracker Whale Alert, 279.97 XRP was recently moved by unknown addresses to and fro Bitstamp and Ripple collectively. A renowned XRP whale, Rzn, continued shifting coins to Bitstamp, with 29.97 million XRP offloaded in its most recent transfer. On the other hand, the remaining transactions additionally captivated noteworthy attention, illustrating an unknown wallet’s transfers of XRP from Ripple to an unknown address. The first transfer illustrated that 150 million XRP was moved via Ripple to the address …7XZ63sKxv3. Whereas, this address further shifted 100 million XRP to another unfamiliar address, ….r2SE32hk.
Meanwhile, Ripple’s CFO stated in his declaration concerning Ripple’s highly confidential information, “I submit this affidavit to support the redactions Ripple proposes.” These fall into three categories- certain financial figures in or derived from Ripple’s non-public audited financial statements.
highly sensitive and confidential financial terms of Ripple’s contracts with third parties, and highly sensitive and confidential information from Ripple’s internal financial reports regarding business strategies.
XRP Price Surges
As of writing, XRP’s price noted an uptick of 3.20% in the past 24 hours and is currently trading at $0.5071. The token’s 24-hour trading volume saw a notable rise of 44.20%, reaching $859.07 million. The price upswing experienced by the Ripple-backed token comes against the backdrop of the lawsuit’s recent developments and enormous whale activity, as mentioned above. Additionally, coinmarketcap data underlines a market uptrend of XRP at the writing time.
With an open interest increase of 3.37% to $571.21 million, followed by a derivatives volume upsurge of 42.05% to $794.09 million, the token curated optimistic waves with heightened trading activity and rising investor interest. Nonetheless, the token has witnessed quite a turbulent price action ever since the American blockchain payments company embarked upon a legal lawsuit with the U.S. SEC. With both parties having time until May 20 to file letter briefs in opposition to the omnibus letter motions, crypto market enthusiasts continue to eye XRP for further price action shifts.
