The U.S. SEC has now submitted its response to Ripple Labs’ submission of omnibus letter motions on May 13 to seal essential papers in the briefing relevant to remedies. During this noteworthy development, a well-known XRP whale transferred about 29 million XRP to a central exchange. When taken as a whole, this phenomenon has generated much curiosity from investors and conjecture about what it might mean for XRP’s cryptographic journey.
Here’s a quick update on the exciting developments in the Ripple vs U.S. SEC legal dispute and the latest whale activity regarding the Ripple-backed cryptocurrency.
Whale Transports XRP Amid Ripple’s Omnibus Letter Motion being opposed by the US SEC
In its filing to Judge Analisa Torres of the United States District Court for the Southern District of New York, the SEC has adopted a resolute position. It has determined that some of the proposed redactions are of critical interest and significance and, as such, should not be permitted, even though it does not disagree with Ripple’s requests for specific redactions.
The U.S. SEC contended that “Ripple invites the public to form opinions about the merits of the SEC’s positions in its briefing and in statements that are publicly posted.” However, it cannot conceal from them the evidence supporting that stance simultaneously.
The SEC also rejected arguments for refusing to approve Ripple’s document sealing and redaction. “The information essential to the Court’s determination of remedies would be concealed from the public by Riverside’s requests for redaction and sealing.” Furthermore, the SEC argued that this information must be publicly available.
The complaint claimed that Ripple’s injury declarations are too vague and require updating with more pertinent information. This has added to the uncertainty around the lawsuit’s future.
During the last day, 28.7 million XRP was transferred to Bitstamp, as per on-chain data from Whale Alert. The transaction, carried out by well-known XRP whale Rzn, fuels more conjecture about potential future price swings for XRP.
But even with the significant selloff and Ripple’s legal setback, XRP has performed well today.
The Price of XRP Rises
XRP’s price surged by 4.29% in the past 24 hours, reaching $0.5364 in the current trading session. The token’s 24-hour high is $0.5424, and its 24-hour low is $0.5079.
According to Coinglass data, XRP’s OI surged by 11.47% to $638.26 million. Additionally, the volume of derivatives experienced a substantial 152.01% increase to $1.31 billion. Despite facing selling pressure and regulatory uncertainty, these data points indicated a bullish trend for XRP.
The asset is neither overbought nor oversold, as shown by the RSI, which is still hovering around 55.
