While the value of the top 10 cryptos is falling, the value of an altcoin project is rising. With the value of Ripple’s XRP rising by almost 10 percent, a hefty purchase of XRP stood out. Here are the details…
The overall market is bearish: Except for the popular altcoin XRP!
Ripple (XRP) has surprised many investors over the past 24 hours as it has recorded the biggest gains among the top 10 cryptocurrencies. XRP investors were excited yesterday when an unknown whale bought $500 million worth of XRP. After this development, it increased by 8 percent in the last 24 hours. The development was shared by CryptoVinco, a cryptocurrency data provider that covers market updates on top cryptos, notably Ripple.
After the big buy, XRP rallied from a 24-hour low of $0.324 to $0.357. However, XRP has dropped slightly and is currently changing hands at around $0.348. Still, the cryptocurrency remains the best performing coin among the top 10 cryptocurrencies by market cap.
According to CryptoVinco, XRP appears to be diverging from the entire crypto market as the price of the asset rises while others continue to fall. CryptoVinco said, “XRP appears to be separating from other cryptocurrency markets. A mega whale bought over $500 million in XRP yesterday, while other cryptocurrencies have run out. Do they know something we don’t?” said.
New development in Ripple and SEC case
As Ripple’s XRP rises, there has been a new development in the blockchain company’s long-standing SEC lawsuit. In December 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, the developer of the XRP cryptocurrency token. Defense attorney James K. Filan alleges that a New York court allowed the combined plans of the U.S. Securities and Exchange Commission (SEC) and Ripple Labs to include rework timelines.
This step is considered necessary to finally end the long-running legal battle. Ripple’s co-founder Chris Larsen and the company’s CEO Brad Garlinghouse were cited as the defendants. The company claims that XRP is a security, as the sale of stocks and bonds is subject to strict surveillance by government officials in the United States. cryptocoin.com As we reported, the SEC requested the confidentiality of its planned expert witnesses in a September 9 request. Some have argued in the past that such procedures are necessary to prevent harassment of witnesses.
Ripple strongly opposed the idea and insisted that the case be kept public. Defense attorney James K. Filan tweeted that he and the prosecutor may have found some common ground. The SEC and Ripple will have seven days from the filing date to publish updated general summaries. Ripple has refused to reach a settlement with the SEC, citing its desire to protect the cryptocurrency industry from excessive government surveillance as the reason.
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