Many XRP investors are hopeful that the SEC lawsuit will favor Ripple.
This past week has ushered in several developments in the lawsuit between Ripple and the Securities and Exchange Commission (SEC) that seemed discouraging to XRP investors.
Over the past weeks, investors’ hopes of seeing the end of the lawsuit before 2023 were dashed after Ripple and the Securities and Exchange Commission released a Joint Schedule order, suggesting that the case could linger until next year.
Similarly, Judge Sarah Netburn also denied Ripple’s motion to dismiss Dr. Albert Metz’s supplemental expert report filed by the Securities and Exchange Commission.
These developments did not bode well for the price of XRP, as the cryptocurrency has since fallen from $0.71 to a low of $0.58.
Although the lawsuit is not the only reason why XRP has dipped over 15% within this period, the case is considered a major factor.
Anonymous User Buys $48 Million Worth of XRP
While many investors have stayed away from the cryptocurrency pending when things will stabilize, some traders are bullish on the cryptocurrency.
Some XRP traders are confident that the lawsuit outcome will be in Ripple’s favor regardless of how long it would take the court to give the judgment.
According to data provided by cryptocurrency analytics platform, ClankApp, an anonymous user moved 80 million XRP from South Korean-based cryptocurrency exchange Bithumb to an unknown wallet.
The transaction, which took place earlier today, was valued at $48 million in the hours leading up to press time.
XRP Price Dip
XRP investors have watched in dismay as the price of the cryptocurrency has suffered a major decline following a lawsuit slammed on the blockchain company by the Securities and Exchange Commission (SEC).
As noted by Ripple’s general Counsel, Stuart Alderoty, the SEC lawsuit is more like a rug pull on investors in the United States.
“To all that have been following the case thus far – thank you… It now looks like a resolution will happen in 2023, and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC,” Alderoty said.
Although the SEC filed its charges against Ripple in December 2020, comments made by William Hinman SEC’s former Director of Finance in 2018, about Ethereum (ETH) not being a security, had already wreaked havoc on the cryptocurrency.
At the time of writing, XRP is currently trading around $0.614 and is up 3.5% in the last 24 hours. XRP went as high as $0.63 in the last 24 hours after falling below $0.59.