Ripple and SEC litigation entered a new phase today after the filing of multi-pronged letter motions to seal key details of settlement-related documents on May 13. Ripple’s CFO Jonathan Bilich issued a statement supporting Ripple’s request to seal the documents, as noted by renowned lawyer James K. Filan.
In the midst of Ripple’s application to Judge Torres to seal certain documents related to the SEC’s motion for judicial and injunctive relief, it was noted that 280 million XRP tokens were transferred through Ripple and a CEX. Here’s a summary of the developments as the omnibus letter motions were filed and Ripple’s CFO supported the motion.
280 Million XRP Moved Amid Ripple’s Demand to Seale Documents Related to ‘Compensatory Action’
According to information compiled by blockchain tracker Whale Alert, 279.97 XRP was recently moved in bulk to Bitstamp and Ripple by unknown addresses. Rzn, a famous XRP whale, has continued to shift coins to Bitstamp, dumping 29.97 million XRP in his most recent transfer.
Other transactions attracted attention by showing XRP transfers from Ripple to an unknown address by an unknown wallet. In the first transfer, it was seen that 150 million XRP was moved to the address …7XZ63sKxv3 via Ripple. Additionally, this address transferred 100 million XRP to another unknown address (…r2SE32hk).
Meanwhile, Ripple’s CFO stated in his statement regarding Ripple’s highly confidential information, “I am submitting this statement in support of Ripple’s proposed redactions.” These fall into three categories: certain financial figures contained in or derived from Ripple’s non-public audited financial statements, highly sensitive and confidential financial terms of Ripple’s contracts with third parties, and recent financial statements contained in Ripple’s internal financial reports on its business strategies. highly sensitive and confidential information.
Following these, XRP traded interestingly in the green.
XRP Price Increases
At the time of writing this news, the price of XRP has increased by 3.20% in the last 24 hours. It is currently trading at $0.5071. The token’s 24-hour trading volume increased by a significant 44.20%, reaching $859.07 million.
The price increase experienced by the Ripple-backed token occurs, as mentioned above, against the backdrop of the latest developments in the case and tremendous whale activity. Coinglass data underscores XRP’s market uptrend.
Open interest increased 3.37% to $571.21 million and derivatives volume increased 42.05% to $794.09 million. This contributes to the token creating optimistic waves with increased trading activity and rising investor interest.
However, the token has witnessed quite turbulent price movement ever since the American blockchain payment company embarked on a legal battle with the US SEC. Since both parties have until May 20 to submit letter briefs opposing the omnibus letter motions, crypto- market enthusiasts continue to carefully monitor the price movements of XRP.
