The move has not only stirred speculation about the ongoing case but also the future price trajectory of the cryptocurrency.
Week in week out, the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) takes an interesting turn. However, the latest of those have captured the attention of the XRP community and the broader crypto market. Ripple recently filed a reply letter to the SEC’s argument against its earlier request that the court should allow it to seal key documents.
Amid this back-and-forth, however, there has been a notable move by a major XRP holder. This move has not only stirred speculation about the ongoing case but also about the future price trajectory of the cryptocurrency.
On May 29, Ripple submitted a detailed reply to Judge Analisa Torres of the US District Court for the Southern District of New York. The firm contested two main points that the SEC raised in its arguments. Firstly, the regulator believes that Ripple’s current financial status is relevant to the court’s decision-making process. The SEC also claims that Ripple’s financial information is outdated.
In its defense, however, Ripple has put forward a counter-argument, claiming that its current financial condition is irrelevant to the court’s analysis. Although it did not expressly state its financial condition, Ripple noted that it has never denied its ability to pay any potential penalties. Furthermore, Ripple’s Chief Financial Officer, Jonathan Bilich, emphasized that contract terms must remain confidential so as not to give future counterparties undue advantage.
Massive XRP Dump Sparks Market Speculation
While the legal arguments were playing out, a renowned whale in the XRP community, identified as Rzn, transferred a whopping 51.18 million XRP to crypto exchanges Bitstamp and Bitso. The whale moved 28.05 million XRP worth nearly $14.67 million, to Bitstamp. He also moved another 23.13 million XRP, worth around $12.11 million, to Bitso.
Expectedly, the transfer has ignited discussions about possible impacts on XRP’s market dynamics and price volatility.
This is shown in the recent price fluctuations that XRP experienced. As of publication, XRP price was down 2.20% over the past 24 hours and was seen trading at $0.5173. Its 24-hour price range has been between $0.5137 and $0.5321.