Expert discovery in the SEC vs. Ripple case draws to a close reveals how regulator picks winners and losers among cryptocurrencies. 120 million XRP tokens were transferred by leading cryptocurrency exchanges, fueling bullish sentiment among traders.
Investors are bullish on XRP price as major trades flood the network
Over the weekend, major cryptocurrency exchanges were busy transferring $88.8 million worth of XRP tokens. A total of 120 million XRP has been transferred, based on data from crypto tracker Whale Alert.
Binance, Bittrex and Upbit were involved in three major transactions on the XRP blockchain.
Despite a spike in high volume transactions on the XRP network, the altcoin has suffered 4.8% losses in the past week. The US Securities and Exchange Commission’s case against payment giant Ripple has a significant impact on the XRP price, as the company is the largest public holder of the altcoin.
The expert discovery phase is coming to an end in the SEC vs. Ripple case, leaving investors optimistic about the outcome of the lawsuit. The expert discovery deadline was postponed four times ahead of the last shift to February 28, 2022.
Ripple advocate and lawyer Jeremy Hogan believes payment giant Ripple’s most recent motion is arguably the “toughest task.” The Hogan & Hogan partner expects the recent filing to have a positive effect on the outcome of the SEC vs. Ripple case.
Former SEC Official Believes Ripple’s Victory Is Secure
The SEC had previously requested the presiding district judge to file a sur-sur-response in support of its motion to discontinue the defense of the fair notice. At a turning point for the payment giant, the judge denied the regulator’s attempt.
Ripple’s victory is key to the XRP investor’s outlook on the altcoin and its price trend in 2022.
Joseph Hall, formerly an SEC official, commented on the lawsuit, arguing that payment giant Ripple’s defense is excellent.
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This post Major crypto exchanges move $88.8 million in XRP as expert discovery wraps up
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