A notable movement of 20.28 million XRP tokens, valued at about $10.6 million at the time of transfer, from well-known exchange Binance to an unidentified wallet has been recorded by famous blockchain tracker Whale Alert. Although the transfer has drawn a lot of interest from the cryptocurrency world, Ripple Labs and the U.S. Securities and Exchange Commission (SEC) are engaged in legal actions at the same time.
Because of the possible effects these sizable transfers may have on investor mood and market dynamics, they frequently attract attention. Even if the specific motivations for this move are yet unknown, it lends further fascination to the story of XRP as a whole, especially in light of the current legal dispute.
https://x.com/whale_alert/status/1783783197723054372
Significant progress has been made in the case in the last few weeks. The scheduling order that Magistrate Judge Sarah Netburn, who is in charge of the Ripple v. SEC case, issued is one such development. In an attempt to influence the course of the legal proceedings, Ripple Labs had asked the court to reject the SEC’s expert submissions.
The order issued by Judge Netburn not only gives the SEC until April 29, 2024, to react, but it also shows that she is still actively involved in the case’s management. Judge Netburn’s nomination as a District Judge for the Southern District of New York is noteworthy since it continues her involvement in the Ripple v. SEC case. Her continuous supervision of the case implies that important rulings in the law may still be forthcoming.
XRP price movements
The price of XRP has fluctuated on the cryptocurrency market during these legal wranglings. As of the time of writing, XRP was up 1.13%, although just marginally, to $0.5235. The token’s one-day trading volume, however, dropped by 18.37% to $1.26 billion, reflecting the recent volatility of the cryptocurrency market.
XRP has demonstrated endurance in the face of market volatility, with a rise of more than 4.96% over the past seven days. This performance demonstrates investors’ ongoing interest in and trust in XRP despite legal issues and regulatory uncertainties.
