- The U.S. SEC filed an opposition to Ripple’s(XRP) motion to redact and seal certain documents in remedies-related briefings.
- A prominent XRP whale moved nearly 29 million XRP to a cryptocurrency exchange, sparking investor interest.
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continues to churn out developments that impact the XRP market. In a recent move, the SEC filed an objection to Ripple’s May 13th request to seal key documents in the remedies-related briefing stage of the lawsuit. This comes amidst news of a significant XRP transfer by a known whale, further adding intrigue to the situation.
SEC Objects to Redaction and Sealing
The SEC’s filing before Judge Analisa Torres of the Southern District of New York Court expresses their disapproval of Ripple’s attempt to redact and seal specific documents. While the SEC doesn’t oppose all redactions, they believe some proposed redactions hold crucial information and should be made public.
The SEC argues that Ripple’s public pronouncements invite public opinion on the SEC’s position. They emphasize that Ripple cannot simultaneously seek to hide the evidence that supports the SEC’s stance. The regulatory body further contends that Ripple’s justifications for redaction and sealing are insufficient and that most of the information in question is not time-sensitive. This objection adds another layer of complexity to the ongoing legal battle.
XRP Whale Movement Stirs Speculation
On-chain data from Whale Alert indicates a significant XRP transfer. In the last 24 hours, a well-known XRP whale, Rzn, moved roughly 28.7 million coins to Bitstamp, a cryptocurrency exchange. This movement has fueled speculation about the future price trajectory of XRP.
XRP Price Remains Upbeat Despite Challenges
Interestingly, despite the SEC’s objection and the notable whale transfer, the coin price has managed to stay positive in today’s trading session. This suggests that investor sentiment might not be solely driven by these developments, and other factors could be influencing the price.
The ongoing legal battle between Ripple and the SEC, coupled with the whale activity, keeps the coin market on its toes. Investors are closely monitoring these developments to gauge their potential impact on XRP’s price and long-term prospects.
