- XRP whales moved 180M coins, sparking market speculation amidst the Ripple-SEC legal battle.
- Judge Netburn grants SEC extension in Ripple lawsuit, maintaining impartial oversight.
- Despite volatility, XRP has gained over 5% in the past week amidst significant developments.
XRP, the cryptocurrency tied to Ripple Labs, witnessed a flurry of activity recently as whales moved a substantial 180 million coins. This development has sparked intrigue within the cryptocurrency community, particularly against legal proceedings in the ongoing Ripple versus Securities and Exchange Commission (SEC) lawsuit. The timing of these whale transactions has led to speculation about potential market implications.
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Whale Activity Spurs Speculation
The cryptocurrency market experienced a notable surge in attention as XRP’s price exhibited a modest recovery. However, the spotlight quickly shifted to the actions of large holders, known as whales, who orchestrated several substantial transactions involving over 180 million XRP tokens. These transactions, reported by Whale Alert, included a transfer of 26.67 million XRP from Binance to an unknown wallet, sparking optimism among investors regarding a potential uptick in the XRP price.
Another noteworthy transfer involved the movement of 100 million XRP between two unidentified wallets, further fueling speculation within the community. Additionally, an unidentified whale transferred 27.43 million XRP to Bitstamp, prompting questions about the future trajectory of XRP.
Meanwhile, the same whale executed another transfer of 29.74 million XRP to Bitso exchange. These successive transactions have led to conjecture ranging from strategic sell-offs to Ripple’s liquidity management strategies, particularly given its association with Bitstamp.
Judge Netburn Issues New Order in Ripple Lawsuit
Amidst these notable XRP transactions, Magistrate Judge Sarah Netburn issued a scheduling order in response to Ripple’s request to dismiss the SEC’s recent expert submissions. The order grants the SEC an extension until April 29, 2024, to submit their reply, with Ripple afforded three business days to respond.
Judge Netburn’s continued oversight of the case, following her recent nomination as District Judge in the Southern District of New York, underscores her impartial approach to adjudicating the Ripple versus SEC dispute.
Despite recent market volatility, XRP has gained over 6% in the past seven days. The convergence of significant whale transactions and legal developments in the Ripple lawsuit continues to shape the narrative surrounding XRP’s future trajectory.
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