Ripple Labs will move hundreds of millions XRP tokens this week after the crypto asset sparked a $35% upside movement.
According to Whale Alert, new on-chain data shows that payments firm was suddenly affected by the whale-surveying company Whale Alert. moved 120,000,000 XRP was worth approximately $58 Million at the time it was transferred from Ripple into an unknown crypto-wallet.
XRP, which is primarily used to make transactions on Ripple Labs’ network, is trading for $0.448 at time of writing, a 4.2% gain during the last 24 hours and about a 35% increase from its seven-day low of $0.372.
Earlier this month, pro-XRP attorney John Deaton said that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs for allegedly selling XRP as an unregistered security is edging toward a conclusion.
Deaton stated that he anticipated the lawsuit would end in a few weeks and predicted that the SEC would win the case. Deaton warns that Ripple might not win the lawsuit.
“I think the SEC is going to lose, but that doesn’t mean Ripple is going to get an outright win either. But I think the SEC is going to lose at summary judgment because of the theory that they went with…
Normally, when you go after a promoter, you say ‘On this particular day, you made an unregistered securities offering or sale. And that particular transaction was a security, an investment contract.’ And now they’re saying that all sales of XRP – the token itself – is a security.”
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