In the recent turns of events in the long running lawsuit between the US Securities and Exchange Commission and Ripple Labs, a New York judge produced a motion to move the case ahead. Experts suggest that Ripple faced a big loss as the commission might get its hands on some crucial documents. However, data suggests that crypto whales moved a heavy amount of XRPs amid the big decision.
SEC gains speed in Ripple case
According to the order, Magistrate Judge Sarah Netburn has granted the US SEC’s motion to compel in its entirety. This order comes in when Ripple’s XRP is grappling with challenges as it hovers above $0.50.
XRP is facing a notable downturn and unsettling its community due to recent sell-offs by Ripple and whale activities. A recent Whale Alert report highlighted a heavy transfer initiated by Ripple, involving 120 million tokens valued at $60.88 million. This move has fueled speculations of potential downward pressure on XRP prices.
Data depicts that the crypto whale wallets had moved more than 206 million Ripple’s native crypto tokens (approx worth $103 million) across exchanges. However, Ripple made two XRP movements in the last 24 hours. The blockchain firm moved 173 million XRP (approx worth $88 million).
The regulatory challenges further complicate XRP’s situation. The district judge has ordered Ripple to disclose additional information about its financials and institutional sales of XRP. Now, the defendant must provide 2022-2023 financial statements and details about institutional XRP sales contracts.
What to expect?
Ripple’s legal battle with the SEC, ongoing for over three years. It has seen a previous ruling that institutional XRP sales were unlawful securities sales. The recent court decision to compel Ripple to provide more information is a win for the SEC, aiming to determine appropriate penalties.
Despite these challenges, XRP remains a significant player in Ripple’s vision to ease cross-border payments. The crypto’s historical trajectory reflects notable highs. However, it saw its $3.40 peak during the 2018 crypto market boom, coupled with regulatory uncertainties and legal disputes.
XRP price dropped by another 11% in the last 30 days. This drop has dragged down the token by 22% over the last 60 days. XRP is trading at an average price of $0.503, at the press time. Its 24 hour trading volume is up by 18% to stand at $801 million.
