Ripple Transfers 100 Million XRP Amid Increased Regulatory Scrutiny
Date: 2024-09-20 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Ripple reportedly transferred 100 million XRP, worth approximately $57.9 million, to an unknown wallet on September 18, 2024, amid increased regulatory scrutiny.
This significant transaction occurred during a period of heightened regulatory scrutiny, which has caught the attention of analysts and market participants.
Ripple Transfer Details and Subsequent Fund Movements
According to Whale Alert, the Ripple transfer was initiated from an address associated with Ripple.
Shortly after the initial transfer, 19.957 million XRP were transferred to another Ripple wallet.
The funds were then spread across multiple exchanges, with the largest portion of 19.7 million XRP sent to Bitso and a smaller amount of 257,000 XRP sent to Bitstamp.
Given Ripple’s ongoing legal troubles, the timing and scale of this XRP move has raised questions.
The company is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) for allegedly making unregistered securities offerings, and an appeal deadline is approaching.
Ripple has been granted permission to delay the $125 million payment by holding the funds in a trust until the appeal is resolved by October 6.
Some analysts have speculated that this XRP transfer may be part of Ripple’s legal strategy, possibly in anticipation of releasing the funds from the trust.
Others have raised concerns about a potential sell-off as some of the transferred XRP ended up on exchanges.
XRP Price Rise and Ripple vs. SEC Case Update
XRP has seen a small increase in value since the transaction. Its price has risen to $0.5863, an 8.40% gain from the previous week’s lows.
Additionally, trading volume has increased by 29.93% to $1.31 billion in the last 24 hours, indicating increased market activity and investor interest in XRP.
This growth comes as Ripple’s legal battle with the SEC nears a major conclusion.
The SEC lawsuit, filed in December 2020, accuses Ripple of raising over $1.3 billion through the sale of unregistered securities in the form of XRP tokens.
As the case continues, many in the market are closely watching for developments that could have a broad impact on Ripple, XRP, and the entire cryptocurrency industry.
