In an unprecedented development, a renowned XRP whale has again shifted significant amounts of XRP coins as the Ripple vs SEC lawsuit took a fresh direction. On-chain insights reveal that the whale moved 63M XRP as Ripple Labs took to court filing a Notice of Supplemental Authority.
The whale’s transaction as Ripple further strengthened its case has stirred a whirlpool of speculations on XRP’s future price movements. Let’s delve more profoundly as to why.
Whale Dumps Coins Despite Ripple’s Optimistic Mover
Notably, on-chain insights by Whale Alert reveal that 63 million coins, worth $30.63 million, were offloaded to exchanges despite Ripple solidifying its arguments for meager fines. The well-known whale address …Rzn was noted to have been dumping the abovementioned amount in two transactions to Bitstamp and Bitso.
These transactions have ignited a storm of mixed market sentiments. While Ripple’s legal battle seemed to be progressing positively, offering a glimmer of hope for the future, the whale’s decision to offload the asset has introduced a new level of uncertainty for future movements.
Meanwhile, legal expert Jeremy Hogan took to X, drawing attention to what Ripple’s filing of a Notice of Supplemental Authority highlighting the Binance vs SEC lawsuit meant. He highlights that the mover by Ripple Labs is relevant to two things: the possible injunction against Ripple and the potential fine.
In context, Ripple filed the notice highlighting the Memorandum Opinion and Order issued by the U.S. District Court for the District of Columbia in the SEC v. Binance Holdings case. Ripple strongly argues that the SEC’s classification of cryptocurrencies as securities is ambiguous and unclear, hinting that both injunction and fine should be light.
It’s worth noting that Ripple also filed a Notice of Supplemental Authority the previous month, citing way lower fines in the Terraform Labs lawsuit.
Collectively, these developments appear to have tilted the odds in Ripple’s favor. However, a final judgment by Judge Analisa Torres still looms.
Simultaneously, amid the lawsuit’s uncertainty, XRP price continues to fight turbulence.
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XRP Price Performance
At press time, the XRP price noted a 0.40% dip in value to trade at $0.4824. Its 24-hour lows and peaks were recorded to be $0.4784 and $0.4877, respectively.
XRP’s RSI moved along 46, hinting at broader neutrality for the asset. Crypto market enthusiasts continue to eye the token as new developments unfold in the lawsuit. Further, a recent report by CoinGape Media cracks down on whether a $10 price target for XRP is scalable or not.
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The post XRP News: Whale Shifts 63M Coins As Ripple Strengthens Case appeared first on CoinGape.
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