Markets
Ripple Counters US SEC as Bitcoin and ETH Battle Market Volatility
The world of cryptocurrencies wraps up another week with eye-catching developments in the broader market. The XRP lawsuit took a new turn when Ripple Labs countered the SEC’s opposition to sealing key documents related to the remedies. However, a common concern among many cryptocurrency investors persisted as Bitcoin (BTC) and Ethereum (ETH) continued to struggle to gain significant upside momentum. This struggle, along with a mixed trading session for other cryptocurrencies, has marked the last seven days in the cryptocurrency market.
Here is a collective overview of some of the main titles:
Cause XRP
The Ripple Labs lawsuit against the US SEC took an exciting turn this week. Ripple countered the SEC’s motion to oppose the sealing key documents relating to remedies. In its “response letter” to the SEC, Ripple Labs ruled out two main reasons why sealing documents remains crucial.
On the other hand, pro-XRP lawyer Bill Morgan has stepped in to address the issue of FUD XRP ODL sales this week, while also ignoring the implications of the Ripple lawsuit and escrow The price of XRP. In the meantime, XRP whales they have become particularly active, accumulating coins despite the slow performance of the asset market and the uncertainty caused by the lawsuit.
Bitcoin (BTC)
The flagship cryptocurrency, on the other hand, experienced a difficult week, as the token’s price continued to struggle to significantly cross the $70,000 mark. However, Bitcoin
it briefly surpassed $70,000, but the token soon witnessed a declining price trajectory to the $67,000 level. This is mainly in line with the crypto options expiration on Friday, May 31st.
Furthermore, the amount of BTC withdrawn from exchanges noted a phenomenal spike, worth $2.5 billion, according to recent market data. This, collectively, has drawn significant attention to Bitcoin this week.
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Ethereum and other cryptographic developments
Whereas, similar to Bitcoin, Ethereum and other altcoins have mimicked turbulent price action this week. Despite the buzz around the ETH ETF, Ethereum it struggled to maintain a break above $3,800, aligning with options expiration on May 31. Additionally, major altcoins SOL, XRP, and DOGE have witnessed slow movement over the past week.
Dogecoin(DOGE), Pepe coin (PEPE) e FLOKI whale activity increased considerably, while LUNCH has emerged as the new topic of discussion, making noteworthy progress.
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