By
Bhushan Akolkar
May 3rd, 2024
Ripple has urged the court to impose a civil penalty of less than $10 million in the lawsuit filed by the US SEC and not the proposed $2 billion by the agency.
Ripple Labs-backed XRP led the top altcoins in a bullish recovery as Bitcoin (BTC) price briefly rose above $67K in the past 24 hours. According to the latest market data, XRP price traded around 55 cents on Tuesday during the early London session, up about 3 percent in the last 24 hours. The large-cap altcoin, with a fully diluted valuation (FDV) of about $54.8 billion, had a daily average traded volume of about $1.56 billion.
XRP Whales on a Buying Spree
Following the fourth Bitcoin halving over the weekend, cryptocurrency whales have shifted focus to XRP. Furthermore, the XRP price is on the cusp of historical bull run if history repeats itself.
According to market data provided by market intelligence platform Santiment, the number of XRP wallets with at least 1 million coins in balance has surged 3.1 percent in the past six weeks.
🐳 The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh. https://t.co/2ZfC9v79x9 pic.twitter.com/rqKgcOYJJx
— Santiment (@santimentfeed) April 22, 2024
The increased XRP whale activity is an indication the bulls are in control and an uproar is on the horizon. Moreover, the cryptocurrency market is already in a macro bull cycle fueled by heightened institutional investors’ demand, ongoing global geopolitical instability, the recent Bitcoin halving, and anticipated interest rate cuts in the United States amid general elections.
XRPL Evolves Via Web3
Ripple has been developing the XRPL network to morph through the web3 industry and real-world assets (RWA) tokenization. As Coinspeaker recently reported, Ripple intends to roll out a US dollar-backed stablecoin on the XRPL network later this year. The launch of the XRPL-based stablecoin will significantly improve Ripple’s chances of working with global governments in CBDC’s programs and enterprises in asset tokenization.
The announcement of the XRPL-based stablecoins followed the launch of the Automated Market Maker to help improve XRP’s liquidity. Furthermore, Ripple is focused on the bigger picture of improving global cross-border payments through its On-Demand Liquidity (ODL).
Ripple Fights SEC
The ongoing lawsuit between the US SEC and Ripple has been a huge stumbling block for the overall growth of XRP. However, Ripple has continued to fight the US SEC with all available resources and prior resolved crypto cases.
In the latest SEC vs Ripple case updates, the blockchain payment company filed its opposition to the SEC’s motion for remedies and entry of final judgment. Notably, Ripple vehemently opposed SEC’s bid to fine the company $2 billion, while other similar cases were fined between 0.6 and. 1.8 percent of their respective gross revenues.
“The Court should deny the SEC’s request for an injunction, for disgorgement, and pre-judgment interest, and should impose a civil penalty of no more than $10 million,” Ripple’s attorneys noted in the motion.