WhaleAlert says that a top 10 altcoin project by market cap is rapidly accumulating on exchanges. According to the whale watcher, the whales started taking profits after the recent recovery.
Whales are quickly moving this altcoin project to stock markets?
WhaleAlert has detected millions of XRP transactions. This time 3 big wallets of Ripple transfers appeared. First, a large amount of XRP was moved to Mexico-based Bitso. A large whale sent 40 million XRP to the exchange. Then, 60 million XRP flowed into Bitstamp from the wallet of former Ripple CTO Jed McCaleb. Following this, 65.54 million XRP passed through Bitstamp. At the time, whale transactions were worth 165.54 million XRP, or $55 million at the time. So is it really that vague what XRP transactions mean?
🚨 60,000,000 #XRP (19,972,438 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Aex8cy4khY
— Whale Alert (@whale_alert) July 26, 2022
Some of the better known parts of Ripple’s ODL mechanism are Bitstamp and Bitso. Usually this transaction is not unusual for them to be included in the Blockchain. On the other hand, these two places have witnessed similar transactions before. However, such significant jumps in the amount of XRP transactions have never happened before the previous big transactions.
Another piece of news is that Ripple recently signed an important deal with Singaporean FOMO Pay. Recall that one of the possible reasons for trading to start is the upcoming announcement of an important XRP collaboration taking place. If trading continues, we can expect announcements from Ripple or XRPL in the near future. Analyst Gamza Khanzadaev says these will act as bullish signals.
Latest developments from Ripple and SEC lawsuit
The cryptocurrency market continues to see corrections, accompanied by new lawsuits. In this case, the endless litigation process between the SEC and Ripple-Daubert challenge pressure. Here, the SEC filed a request to sign a filing in connection with Daubert’s challenge. The move comes immediately after testimony from Patrick B. Doody, an expert SEC witness, who reported on what information XRP investors ‘reasonably’ trusted when purchasing the token.
Ripple has objected to many of the changes proposed by the SEC. Ripple and other defendants objected to Plaintiff’s request to “provide an unprecedented level of secrecy in these proceedings, sealing all identifying information regarding the five expert witnesses presented in the Daubert Propositions.” Attorney James Filan underlined this development in his July 26 tweet.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple Defendants object to the SEC’s request to impose an "unprecedented level of secrecy on these proceedings by sealing all identifying information in the Daubert Motions regarding its five proffered expert witnesses." pic.twitter.com/ck3yn6SMym
— James K. Filan 🇺🇸🇮🇪 120k (beware of imposters) (@FilanLaw) July 25, 2022
In the continuation of the legal process, Ripple found the SEC’s recent request to be “the opposite of narrowly tailored.” In this context, the filing was detailed in connection with the Daubert challenge:
Despite the fact that such information is central to the resolution of the Parties’ Dauber Propositions, and some of this information, they will completely conceal from the public the identity, educational background, employment history, publications, and professional affiliation of all SEC recommended experts. already open to the public.
