The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a dramatic turn. On May 13, Ripple filed omnibus letter motions to seal key documents related to the Judgement and Remedies motion. This move was supported by a declaration from Ripple’s Chief Financial Officer, Jonathan Bilich, highlighting the importance of keeping certain details confidential.
Massive XRP Movements Amid Legal Developments
As the legal proceedings unfold, on-chain data reveals that a staggering 280 million XRP tokens have been moved. Notably, 279.97 million XRP were transferred between unknown addresses and Bitstamp, with significant movements also involving Ripple. An XRP whale, known as Rzn, transferred 29.97 million XRP to Bitstamp in the most recent transaction.
Additionally, there were notable transfers from Ripple to unknown addresses. One transaction saw 150 million XRP moved to an address ending in 7XZ63sKxv3, which subsequently transferred 100 million XRP to another unknown address.
Ripple CFO’s Support for Sealing Documents
In his declaration, CFO Jonathan Bilich emphasized the need to redact certain sensitive information. “I submit this declaration to support the redactions Ripple proposes,” he stated. These redactions pertain to three main categories:
Financial figures from Ripple’s non-public audited financial statements.
Highly sensitive financial terms of Ripple’s contracts with third parties.
Confidential information from Ripple’s internal financial reports regarding business strategies.
XRP Price Surge
Amid these developments, the price of XRP has seen a significant increase. Over the past 24 hours, XRP’s price has risen by 3.20%, currently trading at $0.5071. The 24-hour trading volume has also surged by 44.20%, reaching $859.07 million.
This price uptick is driven by the latest legal maneuvers and the substantial whale activity. Coinglass data indicates a market uptrend for XRP, with open interest increasing by 3.37% to $571.21 million and derivatives volume rising by 42.05% to $794.09 million.
Despite the turbulent price action since Ripple’s legal battle with the SEC began, these recent developments have sparked renewed interest and optimism among investors. Both parties have until May 20 to file letter briefs opposing the omnibus letter motions, keeping crypto market enthusiasts closely watching for further price movements.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“