Ripple (XRP) was up more than 4% on Tuesday, after a recent price dip attracted several large whales.

The token has largely followed its peers during the recent market crash. Investors are also waiting for further updates in the Securities and Exchange Commission (SEC) case against the blockchain company.

XRP down 45% in the last 30 days

Crypto whales have bought over $112.8 million worth of 262 million XRP tokens in the past 24 hours. The prices of XRP tokens have fallen by about 45% in the past 30 days. The movement of the whales suggests they have sealed the dip possibility. The token is trading at an average price of $0.43 at press time.

The largest accumulation has been reported from the FTX crypto exchange. Over $51.3 million worth of 120 million XRP tokens from the platform. While more than $43 million worth of tokens were acquired in two other major trades from different exchanges. XRP prices are up about 4% in the last 24 hours. The XRP token is still the 6th largest cryptocurrency with a total market value of $20.9 billion. Meanwhile, 24-hour trading volume is down 10% to $1.5 billion.

Filan makes some big claims against SEC

Meanwhile, Ripple’s attorney James Filan released an update on the SEC lawsuit. In a Text Only Order, the court granted the extension of the attorney’s fee to the Metz Supplementary Report. The motion must now be submitted no later than May 27, 2022.

However, John Deaton, attorney for XRP holders, raised some more questions with the SEC. Commissioner Hester Peirce has admitted that conflict screening is important and must be properly managed, said Deaton. He claimed that Commission officials, including Peirce, never discussed specific tokens and projects.

He further claimed that SEC officials failed to talk about other tokens after Hinman’s infamous Ethereum speech incident. Filan added that the speech promoting ETH as no security was the only time some SEC officials discussed the nature of a token.

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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