On Friday, the price of XRP, a type of cryptocurrency, went up. This is good news for people who own XRP. But there was something interesting that happened.
Someone sold a lot of XRP, 30.7 million of them, which is a huge amount. This caught the attention of investors and got them talking about it.
A really big sale of 30.7 million XRP tokens happened, and it came from a wallet that we don’t know much about. This got people’s attention because they are now wondering what might happen to the price of XRP. They are watching closely to see if the price goes up or down because of this big sale.
But even with this big sale, on Friday, the price of XRP went up. Some people think that a statement made by John E. Deaton might have made traders feel more confident and that’s why the price went up.
John Deaton’s Commitment to Legal Battle
John Deaton, known for representing XRP holders in the Ripple vs. SEC lawsuit, has officially joined the LBRY lawsuit as an Amicus Curiae. He filed a notice to do so in 2022 and recently filed a Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell in the LBRY case. Deaton is committed to staying engaged in this legal battle, no matter what the final outcome may be.
LBRY faced accusations from the SEC in 2022, claiming they violated securities laws by selling their LBC tokens. LBRY disputed these allegations but ultimately lost the case in July 2023. As a result, they were ordered to permanently stop any activities related to securities law violations or unregistered cryptocurrency securities offerings, leading to LBRY’s shutdown.
In 2022, lawyers Bill Gannon and John Deaton filed documents on behalf of tech journalist Naomi Brockwell, outlining her interests in the LBRY case. Brockwell disclosed her earnings in the form of LBC cryptocurrency and clarified that she had not converted her LBC tokens into cash, maintaining ownership of them.
While some were concerned that the LBRY ruling might affect the XRP lawsuit against Ripple Labs, in July 2023, U.S. District Judge Analisa Torres ruled in favor of Ripple. The court determined that XRP token sales to retail buyers did not qualify as securities, setting a different precedent than the LBRY case.
Watching Crypto Prices
A lot of people are keeping a close eye on how cryptocurrencies are doing because the market is going up and down a lot. Something interesting happened recently: 30.7 million XRP, which is worth over $15 million, was moved from an unknown wallet to Bitstamp exchange. This made some traders worried at first.
But the good news is that XRP stayed steady on Friday. Right now, its price is up by about 2.84%, sitting at $0.4962. In the past 24 hours, people have traded a lot of XRP, with a total value of nearly $908 million.
On the other hand, the price of LBRY Credits, another cryptocurrency, went down by 4.36%, and it’s currently at $0.01347.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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