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Highlights
- Ripple moves 100 million XRP garnering attention among market participants.
- The SEC hints at filing an appeal in the ongoing lawsuit.
- Additional whale transactions surface amid ongoing developments.
- XRP price today dips, adding to intrigue.
The US blockchain firm Ripple has recently moved 100 million XRP, worth around $43 million, sparking market speculations amid heightened tensions with the US SEC. The massive transaction coincided with indications that the SEC may appeal the XRP lawsuit ruling.
Besides, the recent approval of Ripple’s $125 million stay order has added another layer of complexity among traders, leaving market watchers wondering about the potential reason behind the transfer.
Ripple Transfers 100M Coins, US SEC Readies Appeal?
According to Whale Alert data on X dated September 6, 100 million XRP, worth $54 million, was shifted from Ripple to the unknown address rht..Wdc. This transaction caught the eyes of crypto enthusiasts, primarily due to the recent developments within SEC lawsuit.
Additionally Whale Alert’s data today spotlighted 31.12 million coins, worth $16.90 million, accumulated from the Orbit exchange by an unknown address, adding to investor speculations. Simultaneously, the renowned whale ..Rzn continued its dumping chronicle to the exchanges Bitstamp and Bitso, collectively offloading nearly 56M coins. These whale transactions have brought additional attention to the digital asset amid the ongoing lawsuit.
Ripple Obtains Stay Order on $125 Million Amid SEC Appeal Odds
Judge Analisa Torres and the Securities and Exchange Commission recently agreed on the blockchain firm’s request to put a $125 million payment on a stay order. While this development sided with the American company, SEC’s agreement on putting the settlement on hold has sparked speculations over the regulatory body’s plans to file an appeal ahead.
As the final judgment in the lawsuit mandates the payment of $125 million settlement by the American blockchain payments company, paying it would mean a final conclusion. Nonetheless, as the SEC agrees on the stay order, the crypto community expects an appeal.
A recent report by CoinGape Media spotlights that lawyer Fred Rispoli stood strong on rising odds of an appeal from the U.S. SEC. Further, even lawyers James Farrel and Marc Fagel were confident about an appeal ahead. In the wake of these anticipations, Ripple’s 100 million token move has garnered significant attention. Meanwhile, a renowned market enthusiast pointed out on X recently that the stay order means that the American blockchain firm “is placing the $125 million in escrow, serving as an insurance policy for the blockchain firm.”
XRP Price Today
At press time, XRP price was down over 4% to $0.5203, with its trading volume rising 42% to $1.24 billion. The coin’s intraday low and high were $0.5179 and $0.5472, respectively. Notably, Ripple’s 100 million coins mover came as the token lost the $0.56 level.
Besides, XRP price analysis by CoinGape suggests that the Ripple-backed coin remained stagnant near the $0.56 level for quite some time. However, the looming RLUSD stablecoin is anticipated to go live sooner than expected, projecting optimistic sentiments on the asset’s long-term prospects.
Meanwhile, Coinglass data today showcased a 0.43% slip in futures OI to $591.67 million. Further, the derivatives volume plummeted nearly 5% to $767.66 million. This data has sparked uncertain sentiments among investors over the asset’s future price action, hinting at reduced investors in the asset. Crypto market participants continue to eye the crypto for future price action shifts, as the lawsuit continues to advance.
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