As reported by crypto data tracker Whale Alert, millions of XRP have recently been transferred to new destinations. In total, 89 million XRP were transferred, with Ripple transferring 60 million XRP to a wallet of unknown origin, while an anonymous wallet moved 29 million XRP to Bitstamp, a Ripple’s On-Demand Liquidity (ODL) part
🚨 🚨 60,000,000 #XRP (30,985,299 USD) transferred from #Ripple to unknown wallethttps://t.co/VNiAX1u5mI
— Whale Alert (@whale_alert) October 9, 2023
Read Also: Court Clarifies That Ripple “Doesn’t Own XRP Ledger”
Potential Reasons for the Transfers
There are several possible reasons for these transfers. The 60 million XRP transferred by Ripple could be part of an over-the-counter (OTC) transaction, which typically occurs outside of a crypto exchange and is commonly utilized by large investors and institutions.
On the other hand, the 29 million XRP transferred to Bitstamp could serve various purposes such as selling, staking, or airdropping.
It is noteworthy that XRP is used as a bridge currency in Ripple’s On-Demand Liquidity (ODL) service, which facilitates fast and cost-effective cross-border payments.
Ripple-SEC Lawsuit Update
These transfers take place amidst the ongoing Ripple-SEC lawsuit, adding intrigue to their significance. The Securities and Exchange Commission (SEC) has accused Ripple of selling XRP as an unregistered security.
Recently, the SEC’s request for an interlocutory appeal was denied, indicating that the case will proceed to trial. According to pro-Ripple attorney Jeremy Hogan, there are three potential outcomes for the case:
1. The SEC could proceed with a trial against the individual defendants in April.
2. The SEC could settle the lawsuit against the individual defendants, obtain a final judgment against Ripple, and then appeal.
3. The SEC could settle all lawsuits against both Ripple and the individual defendants.
Hogan speculates that the most probable outcome is the SEC settling the lawsuit against the individual defendants and pursuing a trial against Ripple.
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Read Also: Ripple Attracts Major Players Following Victory Against SEC. Is XRP Rally Imminent? Details
Possible Interpretations of the XRP Transfers
One perspective suggests that these XRP transfers could indicate Ripple’s preparation for a lengthy legal battle with the SEC.
Alternatively, these transfers could be an indication of Ripple’s anticipation of a significant announcement. It is plausible that Ripple is preparing to unveil a new product or service that would require a substantial amount of XRP.
Ultimately, the true reasons behind these XRP transfers remain unknown. The ongoing Ripple-SEC lawsuit introduces an additional layer of complexity. Only time will reveal the underlying motives driving these transfers.
Given the circumstances, it is essential to pay attention to these transfers, as they could potentially hold key insights into the ongoing Ripple-SEC lawsuit.
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