280 Million XRP Transferred Amid New Developments in Ripple vs. SEC Case

In an intriguing development, the lawsuit between Ripple XRP and the US Securities and Exchange Commission (SEC) has entered a new phase. On May 13, an application to seal material details regarding the remedies documents was filed. Ripple Chief Financial Officer Jonathan Bilich issued a statement in support of sealing these documents, as noted attorney James K. Filan pointed out.

Large amount of XRP tokens moved

Amid Ripple’s appeal to Judge Torres to keep certain documents related to the SEC’s Motion for Judgment and Remedy unsealed, 280 million XRP tokens were reported to have passed through Ripple and its exchanges. centralized translation (CEX). Below is a summary of these developments along with the petition and Ripple CFO’s comments on the matter.

According to blockchain tracker Whale Alert, 279.97 million XRP were moved by unknown addresses via Bitstamp and Ripple. Popular XRP whale, Rzn, continues to transfer funds to Bitstamp, with 29.97 million XRP made in the most recent transfer.

Additionally, other transactions also attracted attention as an unknown wallet transferred XRP from Ripple to another address. The first transfer shows that 150 million XRP was transferred from Ripple to the address …7XZ63sKxv3. This address then forwarded 100 million XRP to another unknown address, ….r2SE32hk.

Ripple measures

Meanwhile, Ripple’s CFO spoke about the company’s confidential information in his statement: “I make this statement in support of the measures proposed by Ripple.” These measures fall into three main categories: certain financial metrics from Ripple’s audited financial statements, and confidential and sensitive financial provisions in Ripple’s contracts with third-party partners. three, and sensitive information from Ripple’s internal financial reports related to business strategy.

In that context, the XRP token has had positive developments in the market. As of press time, XRP price has increased 3.20% in the past 24 hours and is currently trading at $0.5071. Trading volume in the past 24 hours also increased significantly by 44.20%, reaching 859.07 million USD.

Related: The Significance of May 13th in the Ripple vs. SEC lawsuit?

XRP’s price rally comes amid a lawsuit with the SEC and strong activity by crypto whales. Data from Coinglass shows a bullish trend for XRP, with open interest increasing 3.37% to $571.21 million, and derivatives volume increasing 42.05% to $794.09 million. These numbers reflect growing investor interest and increased trading activity.

However, the XRP price has experienced many fluctuations since Ripple began its legal battle with the SEC. Both sides have until May 20 to file briefs opposing the sealing petitions, and crypto enthusiasts continue to closely monitor XRP’s price action for updates. latest developments.