Ripple, the company behind XRP, recently completed its monthly escrow unlock and internal transfers, sparking speculation about a potential settlement in the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
Speculation about a potential settlement might seem far-fetched, but signs within Ripple’s internal fund movement point toward this outcome. Ripple’s transactions can be broadly categorized into two parts:
The first is the internal transfers and escrow replenishment. Ripple transferred a total of 1.1 billion XRP across three of its wallets. Notably, 200 million XRP were sent to the “rBg…91m” address, 300 million XRP were sent to wallet “rDd…eCK,” and 500 million XRP were sent to wallet “rKD…2op.”
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Interestingly, “rDd…eCK,” and “rKD…2op” subsequently locked up the received XRP in escrow, totaling 800 million XRP. Ripple sent an additional 100 million XRP to “rBg…91m,” a wallet previously linked to potential XRP sales.
Following the internal transfers, Ripple unlocked 1 billion XRP from escrow. This is a standard monthly occurrence, where Ripple releases a predetermined amount of XRP from a locked account. The company distributed the unlocked XRP across two addresses: “rDq…EsF” received 500 million XRP, and “rw2…3wY” received the remaining 500 million XRP in two separate transactions.
Will Ripple and the SEC Settlement the Lawsuit
Following an intriguing 200 million XRP transaction from June 30, the decision by Ripple to retain a significant portion (300 million XRP) in a spendable wallet after the internal transfers has fueled speculation about a possible settlement with the SEC.
The lawsuit is currently in the remedies phase, where both parties have presented arguments regarding the appropriate penalties for Ripple’s alleged violation of securities offerings through institutional XRP sales.
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The SEC is seeking disgorgement of alleged illegal gains, civil penalties, and prejudgment interest that sum up to $1.95 billion. However, Ripple disputes the SEC’s arguments and proposes a significantly reduced penalty, arguing that it should not exceed $10 million.
The speculation surrounding the recent transactions likely stems from Ripple potentially holding these funds to prepare for a settlement or court-mandated actions. Although Ripple proposed a $10 million penalty, a prominent legal expert believes the court will ask Ripple to pay $100 million.
It’s important to note that this is purely speculation, and the company has not made any official statements regarding the purpose of these specific fund movements. While the recent transactions have sparked speculation, it remains to be seen how they will ultimately impact the SEC lawsuit and the broader XRP market.
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. Times Tabloid is not responsible for any financial losses.
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