Grayscale won a lawsuit against the SEC last night, and Bitcoin soared past $27,500. XRP, also known as a "litigation concept coin", also jumped 6%, and Ripple officials also suspected of taking the opportunity to dump 31 million coins.
The cryptocurrency market received big news last night. Grayscale won the lawsuit against the SEC. The judge asked the SEC to accept Grayscale’s review application to convert GBTC into an ETF. Just as the market was toasting in celebration, the public chain Ripple, which was also in litigation with the SEC, transferred 31 million XRP to an unknown wallet.
Is Ripple ready to dump stocks while it’s still high?
The verdicts of Grayscale and SEC, in addition to Bitcoin, also affect the overall market price simultaneously. Yesterday, after Grayscale won the SEC lawsuit, the price of XRP jumped 6%, reaching a maximum of $0.032.
However, it is worth noting that according to Whale Alert data, at around 12:05 noon today, Ripple officially transferred 31 million XRP (market value of approximately US$16.53 million) to an unknown wallet. I wonder if it plans to conduct OTC transactions? There was also another transaction that transferred 27.6 million XRP from an unknown wallet to the exchange Bitstamp.
According to Coingecko data, XRP has fallen 24.6% in the past 30 days and 11.4% in the past two weeks. It is temporarily trading at $0.531 at the time of writing. With the SEC's interim appeal against Ripple being approved and the overall cryptocurrency market falling, XRP has almost retreated. all gains in July.
The outcome of the XRP lawsuit will be at least after April next year at the earliest
The status of the Ripple case is actually being delayed by the SEC. On August 18, Judge Torres of the District Court for the Southern District of New York approved the SEC’s request to submit an interlocutory appeal, but this does not mean that an appeal can be filed immediately. Ripple needs to submit a response to this motion before September 1. Ultimately, if the SEC wins the motion, it can ask the Court of Appeal for permission to file an "actual appeal" against the ruling.
When will the final judgment end? Fox Business reporter Eleanor Terrett tweeted last week that according to the latest court documents, SEC lawyer Peter BryaiYMoores said that he can appear in court in April, May, and June next year to accept the verdict, but he must exclude April 15th to April 19th. , May 1 to May 7 and May 27 to May 31.
