Kenne Michael 
Despite a substantial 30.7 million XRP dump that sparked investor interest, the XRP price experienced positive momentum on Friday.
Whale Alert reported a significant XRP dump of 30,7 million tokens from an unidentified wallet.
Following this significant transaction, investors are intently observing potential price fluctuations and market responses.
However, the XRP price experienced positive momentum on Friday, as John E. Deaton’s most recent comment may have boosted traders’ confidence.
John Deaton Has Resolved To Fight
In 2022, attorney John Deaton, known for representing XRP holders in the ongoing Ripple vs. SEC litigation, filed a formal notice to join the LBRY lawsuit as an Amicus Curiae.
On September 14, he filed a notice of appearance on behalf of Amicus Curias Naomi Brockwell in the LBRY case.
Commenting on James K. Filan’s post on X’s account in which he stated that Deaton had filed a Notice of Appearance, Deaton noted that he is devoted to the fight regardless of the outcome.
In 2022, LBRY was accused by the SEC of violating securities laws through the sale of LBC tokens. LBRY denied these accusations but ultimately lost the case in July 2023.
Consequently, LBRY was ordered to permanently cease any activities related to securities law violations or unregistered crypto securities offerings, resulting in the company’s decision to close down.
To provide context, in 2022, attorneys Bill Gannon and John Deaton filed a document on tech journalist Naomi Brockwell’s behalf, outlining her interests in the case.
Brockwell disclosed that her earnings from tips, viewer purchases, and rewards were in the form of the LBC cryptocurrency.
She clarified that she had not exchanged her LBC tokens for fiat currency and retained possession.
The United States District Court for the District of New Hampshire issued a definitive judgment against LBRY for violating the Securities Act of 1933 in July 2023.
It is worth noting that Ripple Labs confronted similar SEC allegations regarding the sale of $1.3 billion worth of XRP tokens in its case.
Despite concerns that the LBRY ruling could affect the XRP lawsuit, in July 2023, U.S. District Judge Analisa Torres ruled in Ripple’s favor, determining that XRP token sales to retail purchasers did not qualify as securities.
The efficiency of XRP
As a result of the market’s extreme volatility, investors are intently observing the price performance of cryptocurrencies.
In a recent development, Whale Alert reported that an unknown wallet transferred 30.7 million XRP worth $15,037,735 to the Bitstamp exchange.
Although the news of such a massive sell-off initially alarmed some investors, the XRP cryptocurrency remained stable on Friday.
During the time of writing, the price of XRP was up 2.84 percent to $0.4962, and its 24-hour volume was up 16.87 percent to $908.390,116.
Nonetheless, the cost of LBRY Credits decreased by 4.36 percent, trading at $0.01347.
