Another week in the cryptocurrency sector comes to an end with noteworthy advancements in the larger market. When XRP overruled the SEC’s objection to the sealing of important documents pertaining to remedies, the XRP litigation took a new turn. Nonetheless, a prevalent apprehension among numerous cryptocurrency investors endured, given that Bitcoin (BTC) and Ethereum (ETH) failed to garner substantial upward momentum. This conflict and a varied trading session for other cryptocurrencies characterized the previous seven days in the cryptocurrency market.
An overview of some of the most popular headlines is provided below:
The XRP Lawsuit
This week, the Ripple Labs v. U.S. SEC lawsuit took an interesting turn. In response, Ripple opposed the SEC’s move to keep important records pertaining to remedies unsealed. In its “reply letter” to the SEC, Ripple Labs disregarded two fundamental arguments for the continued importance of document sealing.
However, pro-XRP attorney Bill Morgan has intervened this week to address the rumours surrounding XRP ODL sales, ignoring the impact of Ripple’s lawsuit and escrow on the price of XRP. In the meantime, XRP whale activity has increased significantly as they continue to accumulate coins in spite of the asset’s weak market performance and the uncertainty surrounding the litigation.
The Bitcoin (BTC)
Conversely, the leading cryptocurrency had a difficult week as the token’s value was unable to rise above the $70,000 threshold sustainably. After momentarily surpassing $70K, the price of BTC quickly began to decline, returning to the $67K mark. This mainly corresponds to Friday, May 31, when cryptocurrency options expire.
Furthermore, according to current market data, the amount of Bitcoin taken out of exchanges saw a remarkable surge, totaling $2.5 billion. All of this has brought considerable attention to Bitcoin this week.
Ethereum and Other Developments in Crypto
In contrast, this week’s volatile price action has been copied by Ethereum and other altcoins, much like Bitcoin. Ethereum failed to hold a break above $3,800 in spite of the excitement surrounding the ETH ETF, coinciding with the May 31 expiration of options. Furthermore, throughout the previous week, the leading altcoins SOL, XRP, and DOGE saw a slow movement.
While whale activity on Dogecoin (DOGE), Pepe Coin (PEPE), and FLOKI has increased significantly, LUNC has been the latest talk subject and has made significant strides.
