Ripple Labs is in a legal battle with the SEC over cryptocurrency regulations. Former SEC litigator Linda Steward suggested the case might reach the Supreme Court. Bill Morgan argues that the token itself represents security. Meanwhile, the SEC plans to raise transaction fees for public companies due to budget shortfalls. Ripple, on the other hand, is preparing its response to the SEC’s penalty requests by April 22.
A 62 million XRP token transfer by a major investor has been recently seen as a positive sign for Ripple’s XRP amid the Ripple vs SEC lawsuit. The transfers totalled $31.22 million and temporarily boosted confidence in XRP’s survival. Now, a similar transfer of a much bigger amount has been spotted again.
A significant XRP whale moved 129 million XRP, sparking speculation in the crypto market as Ripple faces a critical phase in its lawsuit with the SEC. One key transaction saw an unknown whale transfer 28.8 million XRP to Bitstamp. It has led to debates over whether it’s a selloff or part of Ripple’s liquidity management.
Additionally, another 100 million XRP was transferred between two unknown wallets, adding to the community’s discussions further. As Ripple prepares to respond to the SEC’s allegations, today’s filing is anticipated to influence market sentiment and XRP’s price trajectory. These transactions have added to speculation in the XRP community about Ripple’s position and market sentiment ahead of the lawsuit’s outcome.
Read more: XRP Price Milestone: Ripple CTO Touts 1500% Growth Over Seven Years
XRP’s price went up past $0.50 after Ripple said it would challenge the SEC’s request for $2 billion in fines. XRP holders are keen to see this as Ripple’s opportunity to fight back against the penalties. Ripple’s CEO, Brad Garlinghouse, is positive about the company’s future. Attorney Bill Morgan, supporting Ripple, mentioned that Ripple might face fines for not registering when selling XRP to big investors.
XRP’s Open Interest grew by more than 15%, showing traders are making long-term bets. XRP has passed the $0.50 mark and could reach $0.60 next. The Fisher Transform Indicator shows a positive change in the trend, and the Average Directional Index (ADX) shows a strong trend. But if XRP drops below $0.50 for the day, the positive view might change, with support likely at $0.4188 and $0.4117.
Read more: XRP Price to the Moon? Secret Meeting Ignites Hopes for Ripple vs SEC Lawsuit Settlement
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