Ripple’s CFO has filed a declaration supporting the firm’s motion to seal its omnibus letter motions.
A whale transferred 280 million Ripple shortly after the CFO’s filing.
XRP jumped 2.5% on Tuesday following significant whale activity.
Ripple’s Chief Financial Officer (CFO) Jonathan Bilich has filed a declaration in support of Ripple’s motion to seal the firm’s recently filed omnibus letter motions. Ripple filed the letter on May 13 to seal critical details regarding the remedies-related documents. Following the CFO’s filing, the XRP ecosystem experienced a significant transfer of tokens, leading to a price impact on the embattled altcoin.
Following the recent filing, onchain data reflected that nearly 280 million XRP changed hands between Ripple and a centralized exchange (CEX). According to details from the blockchain tracker Whale Alert, a crypto whale moved 279.97 XRP from an unknown wallet to an address on the Bitstamp crypto exchange.
Whale Alert’s report showed the transaction happened in installments, with the last tranche involving a transfer of 29.97 million XRP from the unidentified wallet to Bitstamp.
🚨 29,970,000 #XRP (15,207,328 USD) transferred from unknown wallet to #Bitstamphttps://t.co/E3FDh1SARz
— Whale Alert (@whale_alert) May 13, 2024
The other two installments involved larger XRP volumes, as reported by Whale Alert. In the initial tranche, 150 million XRP moved from Ripple to an unknown wallet on Bitstamp. Shortly after the initial transfer, the same source sent an additional 100 million XRP to another address on the crypto exchange.
Notably, the movement of XRP tokens reflected on the altcoin’s price in the early hours of Tuesday. XRP bounced from an initial slump to post a 2.5% price rally. The embattled crypto token recovered from an initial slump, bouncing from $0.49693 to $0.50944. After a slight retracement, the top altcoin traded for $0.50544 at the time of writing, according to data from TradingView.
The court case between Ripple and the U.S. Securities and Exchange Commission (SEC) has experienced increased activity in the past few weeks. The increased tempo has led many crypto practitioners to believe the case is nearing a conclusion.
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