XRP Price Surges 10% Amid Optimistic Court Proceedings
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- XRP might break new records if a bull run ensues following the verdict.
- $80 Million Worth XRP has been transferred to an unknown wallet.
The SEC’s request to submit a Sur Sur-Reply in support of its motion to strike against Ripple was refused by District Judge Torres. Ripple Labs Inc. and two of its executives, Christian Larsen and Bradley Garlinghouse, were sued by the SEC in December 2020 for allegedly selling over $1.3 billion in XRP, unregistered securities, to the public.
The Ripple community has been anxiously expecting the ultimate verdict in the case against the SEC, which has used different techniques to postpone the process.
On February 23, District Judge Analisa Torres dismissed the SEC’s petition to file the Sur Sur-Reply in New York, enabling the Ripple community to breathe a sigh of relief. The momentum has shifted in Ripple’s favor. However, there is still a long way to go in the legal struggle. The price of XRP is directly linked to the result of the SEC court action. XRP might break new records if a bull run ensues following the verdict.
Whale Alert
Recently, XRP has been transferred to an unknown wallet by an anonymous Bithumb user, according to the WhaleAlert transaction monitoring service. According to the site, approximately $80 million worth of coins were reportedly relocated yesterday.
Large transactions are often made from the wallet, which has 85 million XRP, to other network participants. The wallet also transferred 35 million XRP currency to two other anonymous wallets. As of this writing, XRP is trading below the $0.70 mark, having failed to hold above it for most of the night. Recovering from the most recent carnage, XRP has gained 10% in the previous 24 hours and is now trading at $0.69.
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