Ripple Vs SEC Battle Intensifies – XRP Whales Moved 70 Million XRP Amid Ripple’s Decision To File Opposition

Amidst the ongoing legal proceedings in the Ripple vs SEC case, recent developments have emerged. Ripple has filed a petition with the court, objecting and proposing that the SEC be subjected to a $2 billion penalty. 

Ripple’s Chief Legal Officer, Stuart Alderoty, recently made a statement regarding the opposition to the SEC’s proposed $2 billion penalty on legacy corporate sales and clarified that Ripple openly opposes this penalty request. 

Alderoty stated that the SEC’s request, in a case where there is no allegation of negligence or fraud, and where Ripple has prevailed on significant issues, reflects the continued intimidation against all cryptocurrencies in the United States. 

He further added that he trusts that the judge will impartially consider the situation and the request as the case progresses toward a final resolution.

Despite Ripple’s objection to the SEC’s $2 billion penalty in its court petition, the company ultimately consented to pay the fine. This decision followed the court’s ruling that Ripple had violated the Securities Act by offering XRP through corporate investment agreements. 

In this context, Ripple stated that considering the SEC’s weak arguments and fines imposed in other digital asset cases, the civil penalty should not exceed $10 million.

Meanwhile, amid the intensifying legal battle of Ripple vs SEC, there has been a massive jump in whale activity in the past 24 hours. According to Whale Alert, three massive whale transactions collectively involved the transfer of nearly 70 million XRP.

The first transaction shows that a whale acquired 24.52 million XRP, valued at $13.71 million from Binance. The second transaction showed that a well-known XRP whale transferred 26.40 million XRP valued at $14.63 million to Bitstamp. The third shows a transfer of 19.18 million XRP, worth $10.45 million from Binance. 

These transactions have sparked a flurry of speculations surrounding XRP’s price movement in the upcoming period.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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