Markets
Ripple thwarts US SEC while Bitcoin and ETH combat market volatility
The crypto world ends another week with eye-catching developments across the market. The XRP lawsuit took a new turn as Ripple Labs countered the SEC’s opposition to closing key documents related to the appeals. However, a common concern among many crypto investors persists as Bitcoin (BTC) and Ethereum (ETH) continue to struggle to gain significant bullish momentum. This struggle, along with a mixed trading session for other cryptocurrencies, marked the last seven days in the cryptocurrency market.
Here’s a collective look at some of the top headlines:
XRP Pursuit
The Ripple Labs vs. US SEC lawsuit took an exciting turn this week. Ripple Countered SEC Motion to Oppose Sealing Key documents relating to appeals. In its “response letter” to the SEC, Ripple Labs ruled out two main reasons why document sealing remains crucial.
On the other hand, pro-XRP lawyer Bill Morgan has stepped in to address the FUD surrounding XRP ODL sales this week, also ignoring the implications of Ripple’s lawsuit and receivership on The price of XRP. In the meantime, XRP Whales have become particularly active, accumulating coins despite the asset’s slow market performance and the uncertainty caused by the lawsuit.
Bitcoin (BTC)
The flagship crypto, on the other hand, had a rough week, as the token’s price continued to struggle to move well above the $70,000 mark. However, BTC
briefly surpassed $70,000, but the token quickly saw a decreasing price trajectory back to the $67,000 level. This mainly corresponds to the crypto options expiration on Friday, May 31.
In addition, the amount of BTC removed from exchanges noted a phenomenal rise, worth $2.5 billion, according to recent market data. Together, this has brought considerable attention to Bitcoin this week.
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Ethereum and other crypto developments
While, like Bitcoin, Ethereum and other altcoins have mimicked turbulent price action this week. Despite the ETH ETF buzz, Ethereum has struggled to maintain a breakout above $3,800, which corresponds to the May 31 options expiration. Additionally, major altcoins SOL, XRP, and DOGE have seen slow movement over the past week.
Dogecoin(DOGE), the play Pepe (PEPE) and FLOKI whale activity has increased significantly, while LUNCH emerged as the new topic of discussion, making notable progress.
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