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Whales Move 143 Million XRP as Ripple, SEC Sets Deadline

  • Last month, XRP rose. The XRP lawsuit and cryptocurrency market collapse caused the price surge.

  • However, the latest filings show that both parties requested a timetable for sealing the Summary Judgment Materials.

11-Dec-2022 By: Rohit Tripathi
Whales Move 143 Mill

The XRP has increased during the last 30 days. 

The price increase coincided with the cryptocurrency market's collapse and followed news of the XRP lawsuit.

The highly anticipated Summary Judgment has not yet been rendered in the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). The most recent filings, however, reveal that the court was asked to set a deadline for sealing the Summary Judgment Materials at the request of both parties.

Ripple wants an end date for the XRP litigation

According to James Filan, Ripple and the US SEC requested that portions of the briefs be sealed by January 4, 2023, in a request to the district court. If not, you must forego all challenges to the court's decision regarding the parties' request for sealing.

The omnibus motions to seal the Parties are already scheduled to be submitted on December 22, 2022, according to Ripple's letter. It further said that the parties will make an effort to notify any non-parties whose confidential discovery materials would be included in the papers for the Summary Judgment. They will have the chance to redact those materials if the sealing action is made clear.

It further noted that a similar procedure had previously been adopted by the court for handling non-party sealing motions in connection with Daubert Motions.

Are whales purchasing XRP on the prowl?

143 million XRP coins, worth roughly $55 million, were reportedly transferred to an unidentified wallet, according to WhaleAlert. This action was taken following deadline requests from both parties in the XRP lawsuit. However, over the last 30 days, XRP values have increased sharply. This price increase coincides with the cryptocurrency market's recent downturn.

At the time of publication, XRP is trading for an average price of $0.387. However, over the last 24 hours, its price has decreased by about 0.5%. $515 million is the volume of its 24 hour trade.

Over 4 billion XRP tokens were transferred from the Bittrex cryptocurrency exchange in a number of transactions, according to CoinGabbar.

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