Ripple has no objection to unsealing, XRP sees 2nd largest consolidation in 5 years

Ripple co-founder Chris Larsen, one of two defendants in a lawsuit filed by the Securities and Exchange Commission, did not object to the unsealing of all key regulatory memos, according to a letter recently sent to federal judge Analisa Torres of the United States’ Southern District Court States for the Southern District of New York.

Defendants only requested limited handling of one of the exhibits to protect the privacy of one of the company’s equity investors, whose name is unrelated to the case. The SEC did not object to the answer in question.

The unsealed memo shows that law firm Perkins Coie has informed Ripple Labs that its founders can obtain XRP at their own risk. However, the company also warned Ripple against handing out XRP to investors and employees as it could increase the chances of being classified as an unregistered security by the SEC.

Legal memos from 2012, recently ordered to be unsealed by a court despite Ripple’s objections, could be a highlight of the case as they would reveal who lied in court. If the defendants consciously choose to flout the law, the situation will undoubtedly benefit the SEC (and vice versa).

The exhibits are expected to be sealed today (February 18), Follow Attorney Jeremy Hogan, who closely followed the case from the beginning.

“What happens next? The judge will immediately order staff to unseal the exhibits. As it is after 7pm court time, this will likely happen tomorrow. I don’t think we’ll see anything tonight.”

Meanwhile, the SEC has filed a separate motion asking Magistrates Court Judge Sarah Netburn to review and grant the Deliberate Process Privilege (DPP) ruling regarding the manuscript of a speech by former senior official William Hinman on Ethereum clear up. The agency argues that interference with the DPP is “unjustified” because it is an “essential” link to its advisory process.

XRP Sees 2nd Largest Accumulation In 5 Years

According to the on-chain data provided by Santiment feed, XRP is currently facing its second largest accumulation phase with addresses holding over 10 million XRP, bringing in nearly 900 million XRP.

The largest accumulation ever occurred on the chain from November to December 2020, when whales amassed around 1.3 billion XRP coins. As for the current accumulation, increased whale wallet activity has also followed XRP’s strongest gains versus Bitcoin.

https://twitter.com/santimentfeed/status/1494474327957274624?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“The second largest XRP accumulation in the last 5 years by top whales is happening. There are currently 336 addresses with 10 million XRP or more. Many of these certainly belong to exchanges, but that’s still a notable anomaly.”

According to TradingView, XRP posted a gain of almost 50% within six days of the last crypto market correction, which ended in late January 2022.

XRP price chart | Source: TradingView

Aside from the impressive price action in the market, XRP has yet to make any new highs and is currently trading at $1.47.

How is Ripple’s fall affecting XRP price?

While XRP itself is not an actual representation or stock of the Ripple company, the litigation surrounding the network still affects its price. In front, Bitcoin Magazine reported that Ripple’s General Counsel has announced that the company will release two documents from 2012 that can confirm that XRP will not be treated as an unregistered security.

The SEC once stated that Ripple knowingly used XRP as an unregistered security and broke the law by releasing the cryptocurrency to investors in the form of company shares.

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