The ongoing legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC) continues to evolve, with Ripple recently submitting a response letter to the SEC's opposition to its previous request to seal important documents. This development has captured the attention of both the XRP community and the wider cryptocurrency market.

In the midst of this legal exchange, a significant move by a major XRP holder has sparked speculation not only about the ongoing case but also about the future price direction of the cryptocurrency. On May 29, Ripple presented a detailed rebuttal to Judge Analisa Torres of the US District Court for the Southern District of New York, contesting two main points raised by the SEC in its arguments.

The SEC believes that Ripple's current financial status is pertinent to the court's decision-making process and asserts that Ripple's financial information is outdated. Ripple, however, argues that its current financial condition is irrelevant to the court's analysis. Although it did not explicitly disclose its financial status, Ripple highlighted its never-denied ability to cover any potential penalties. Additionally, Ripple's Chief Financial Officer, Jonathan Bilich, emphasized the need to keep contract terms confidential to prevent future counterparties from gaining undue advantage.

Meanwhile, amidst these legal proceedings, a prominent XRP community member, known as Rzn, transferred a substantial 51.18 million XRP to crypto exchanges Bitstamp and Bitso. This move, totaling 28.05 million XRP valued at nearly $14.67 million to Bitstamp and 23.13 million XRP worth approximately $12.11 million to Bitso, has sparked discussions regarding potential impacts on XRP's market dynamics and price volatility.

This transfer coincided with recent price fluctuations experienced by XRP, which saw a decrease of 2.20% over the past 24 hours, trading at $0.5173 at the time of publication. The cryptocurrency's 24-hour price range fluctuated between $0.5137 and $0.5321.