Large-scale movements of XRP tokens involving Ripple and major cryptocurrency exchanges have sparked interest within the XRP community. These transactions come amidst the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
On July 9, 2024, community surveillance platform Whale Alert identified a significant XRP transfer from Ripple. The blockchain firm dispatched 150 million XRP, valued at roughly $64.29 million at the time, to an anonymous wallet identified as “rP4X2hTa7A……Kxv3.”
Read Also: As XRP Breaks Downtrend Resistance Line First Time since XRP Victory, Analyst Says Surge to $1 Looms
This transaction ignited speculation among XRP holders regarding its purpose and potential connection to the SEC lawsuit. The SEC is seeking approximately $2 billion from Ripple as a penalty for alleged violations of federal securities laws, while Ripple maintains that $10 million is a more appropriate settlement amount.
Both parties have presented their arguments before Judge Analisa Torres of the District Court. Legal experts such as Fred Rispoli, anticipate a verdict on the case by July 13th or 31st.
It’s important to clarify that Ripple’s transfer is part of a pre-established practice. The company unlocks a set amount of XRP from escrow every month. For July, this allotment amounted to 1 billion XRP. Out of this, 200 million were reserved, and the remaining 800 million were re-locked in escrow.
The 150 million XRP transferred to the aforementioned anonymous address falls under the allocated portion designated for sale. Notably, “rP4X2hTa7A” has been the recipient of Ripple’s monthly XRP sales in the past, with a similar transaction of 400 million XRP occurring in June.
Beyond Ripple’s actions, other prominent players within the cryptocurrency ecosystem have also engaged in significant XRP transfers. Leading crypto exchange Binance transferred 352.1 million XRP across two separate transactions to unidentified wallets.
The first transaction involved 300 million XRP, followed by another involving 52.1 million XRP later. Additionally, Whale Alert reported a transfer of 35.35 million XRP from the Bitstamp exchange to an unknown destination.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: As Ripple IPO Speculation Continues, Another Crypto Behemoth Is About To Go Public
Despite these large-scale XRP movements, the token’s price experienced a 1.7% decrease on July 9th. While the motivations behind these transfers from major entities remain unclear, they have undoubtedly captured the attention of the XRP community.
Moving forward, it will be crucial to monitor the ongoing SEC lawsuit and its potential impact on the XRP market. Additionally, observing Ripple’s and other exchanges’ XRP sales practices will be essential in understanding how these activities influence the token’s price and overall market sentiment.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
