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Analysis of news XRP
It seems that the new developments in SEC v. Ripple, determine the market value of XRP.
Ali Martinez – 23. 20 April 2021 at 11:00 GMT – 2 min read
The so-called XRP Army went wild after Judge Sarah Netburn denied the US Securities and Exchange Commission (SEC) access to the bank records of Ripple executives. Their decision was seen as a victory for investors who rushed to the stock market to get a piece of this altar.
A significant increase in buying pressure on the fourth largest cryptocurrency by market capitalization has led to a bullish rally of 240%. The price of XRP rose from a low of $0.58 on the 4th. in April to a three-year high of $1.96 on the 14th. April.
It seems that market participants took advantage of the price action to lock in their gains, leading to a 40% correction. But losses have risen rapidly in the past 24 hours after the Securities and Exchange Commission accused Ripple of harassment.
The U.S. financial services regulator says the distributed ledger startup is trying to access internal records that have nothing to do with determining whether XRP is a security. Such actions are a disguised attempt to push the dispute into undetermined discovery conflicts and to… Review of documents.
The defendants are not really looking for relevant evidence, but are trying to harass the SEC, divert attention from the case and delay the SEC’s investigation into the documents, it said.
In the letter, the regulator asked Judge Netburn to resolve unresolved discovery disputes to prevent Ripple from requesting irrelevant privileged documents from Securities and Exchange Commission employees that had already been excluded as undisclosed.
XRP holders trembling with fear
The distribution map of the XRP offering shows that investors were concerned about the SEC’s requirements.
In fact, the number of addresses with XRPs between 1,000,000 and 10,000,000 has dropped by 0.33% in the past 48 hours. About four large whales left the new network or moved their chips in that short time.
Distribution of supply of XRPs by quantity
The recent drop in the number of major investors behind XRP may seem insignificant at first glance. However, with these whales holding between $1.10 million and $11 million, the sudden increase in sales pressure could be in the millions.
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