Bitcoin
Ripple Faces US SEC as Bitcoin and ETH Fight Market Volatility
The crypto world wraps up another week with eye-catching developments across the broader market. The XRP lawsuit took a new turn when Ripple Labs countered the SEC’s opposition to sealing key settlement-related documents. However, a common concern for many crypto investors persisted as Bitcoin (BTC) and Ethereum (ETH) continued to struggle to gain significant positive momentum. This struggle, along with a mixed trading session for other cryptocurrencies, has marked the last seven days in the crypto market.
Here’s a collective overview of some of the top headlines:
XRP Process
Ripple Labs’ lawsuit against the US SEC took an exciting turn this week. Ripple countered SEC’s motion to oppose key sealing medicine-related documents. 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 stepped in to address the FUD surrounding XRP ODL sales this week, also disregarding the implications of the Ripple lawsuit and the deposit in XRP Price. About that, XRP Whales have become remarkably active, accumulating coins despite the asset’s slow market performance and the uncertainty caused by the process.
Bitcoin (BTC)
The leading cryptocurrency, on the other hand, experienced a difficult week as the token’s price continued to struggle to break significantly above the $70K mark. However, Bitcoin
it briefly surpassed $70K, but the token soon witnessed a decreasing price trajectory back to the $67K level. This mainly aligns with the crypto options expiry on Friday, May 31st.
Furthermore, the amount of BTC withdrawn from exchanges saw a phenomenal increase, worth $2.5 billion, according to recent market data. This, collectively, has drawn significant attention to Bitcoin this week.
Read too: Hong Kong Gives Green Light to 11 New Crypto Exchanges, What’s Next?
Ethereum and other cryptographic developments
Whereas, similar to Bitcoin, Ethereum and other altcoins have mimicked turbulent price action this week. Despite the ETH ETF buzz, Ethereum struggled to maintain a break above $3,800, aligning with the May 31 options expiry. Additionally, major altcoins SOL, XRP, and DOGE witnessed slow movement last week.
Dogecoin(DOGE), Pepe Currency (PEPE) and FLOKI whale activity has increased considerably, while LUNCH has emerged as the new topic of discussion, making notable advances.