Story Highlights:
Important whale transactions affect the XRP Market. Ripple’s counter-motion to the SEC for a $2 billion fine intensifies XRP legal troubles. Ripple is challenging the SEC penalties by arguing that they are excessive and include civil fines as well. The XRP Community
closely monitors the developments as the Ripple-SEC legal battle intensifies. Ripple has filed its opposition against SEC’s remedy-related motion. XRP investors are feeling the impact of this legal turmoil as whale transactions continue to occur. Whale Transactions fuel Speculation.
Ripple vs. SEC has become one of the hottest crypto topics recently, and a flurry investors have sought legal clarification about the case. The XRP has been experiencing volatile trading recently, and several experts attribute this to the XRP litigation. Two significant XRP trades have also caught the attention of market participants. Two large Whale transactions totaling 40,000,000 XRP have caught the eye of market participants, showing a possible shift in sentiment toward the cryptocurrency. Whale Alert data shows that two whales bought substantial amounts of XRPfrom Binance, causing a positive market momentum. One whale with the wallet address of rfQ9E…k8Cvi acquired 18,84 million [XRP]valued at $10.26 millions from Binance. Another whale with wallet address rarG6…2bZKk accumulated 19.90 millions XRP worth approximately $10.92 Million from the same cryptocurrency exchange. The crypto market has been discussing the potential impact of this significant accumulation on the XRP value. The move also indicates a rising confidence of investors towards the XRP cryptocurrency.
Recommended articles
Read also: Solana congestion resolved, Raoul pal predicts SOL price to hit $1200.
XRP Prices Amid Ripple’s Latest Position
Ripple’s recent opposition against the SEC’s motion for final judgement and substantial penalties highlights the crucial juncture of the ongoing lawsuit. Ripple’sopposition brief to the SEC’s motion for final judgment and substantial penalties highlights the critical juncture in the ongoing lawsuit. It also shows the potential impact on XRP’s price trajectory. Ripple’s defense
consists of three strong arguments. Ripple questions the SEC for failing to prove future violations and highlights legal precedents which limit disgorgement. Ripple also argues that the civil fine should not be more than $10 million. This is based on the SEC’s weak case, and the comparative penalties in other digital assets litigation.
In the meantime, the XRP price traded at $0.5405, despite the transaction being positive. This represents a drop of 0.80% in the past 24 hours. Likewise, the trading volume of yesterday fell by 21% and was $1.34 Billion at that time. The crypto price, however, has risen by nearly 11% in the past seven days, despite its recent decline.
Read also: Central Bank Of Nigeria Denies Rumors About P2P Trading Accounts.
Rupam is a professional who has spent 3 years working in financial markets. He’s a skilled researcher and journalist. The dynamic nuance of the financial world is his passion. Rupam is a Coingape sub-editor, but his expertise extends beyond the conventional. Rupam’s contributions include breaking news, AI developments, real-time cryptocurrency market updates and insightful economic news. Rupam is driven by his passion to unravel the complexities of finance, and deliver stories that are impactful for a wide range audiences.
This content is based on the opinion of the writer and may be subject to changes in the market. Before investing in cryptocurrency, do your research. You are not responsible for any financial losses you may suffer.