Ripple-Linked Wallet Moves 100 Million XRP Amid SEC Appeal Deadline
Highlights
- Ripple-linked wallet moved 100 million XRP ($57.92 million) to an unknown wallet, sparking a series of other transactions.
- These XRP transactions come amid the SEC appeal deadline which is fast approaching.
- These transfers are believed to be related to the $125 million fine, which Ripple's lawyers are meant to hold in trust for the SEC until the deadline elapses.
A Ripple-linked wallet recently moved 100 million XRP, sparking a wave of several XRP transactions involving different wallets. Whale Alert drew attention to the initial transaction, valued at approximately $57.92 million. The XRP transfer has sparked speculation within the XRP community amid the fast-approaching SEC appeal deadline.
Ripple-Associated Wallet Moves 100 Million XRP Amid Legal Heat
According to Whale Alert, a notable tracking platform, A Ripple-linked wallet (rP4X2…sKxv3), was involved in several XRP transactions today, including an initial transfer of 100 million XRP to an unknown wallet. Following the transfer, the receiving wallet (rhWt2….E32hk) sent 19.957 million XRP to another unknown wallet (r4wf7….h4Rzn), which promptly distributed these funds to various exchanges.
The largest chunk, 19.7 million XRP, went to Bitso, and a smaller parcel of 257,000 XRP was sent to Bitstamp. These transfers are noteworthy as the wallet that initially transferred 100 million XRP earlier this year received 120 million XRP from a Ripple wallet. These transfers also come amid the SEC appeal deadline, which is on October 6.
Judge Torres approved that the crypto firm could hold off on paying the $125 million fine until after the deadline to see whether the SEC will appeal. During this period, lawyers representing the firm will keep the money in trust. Therefore, these transfers could relate to the penalty money, with the lawyers moving to set up the trust fund.
Additionally, data from Bithomp reveals that the wallet (rP4X2…sKxv3) involved has been persistently active, engaging in several transactions over the week. This includes a previous transaction on September 17, where 50 million XRP were moved to the initial receiving wallet (rhWt2….E32hk), suggesting a pattern in the wallet’s activity amidst the legal battle drawing to a close.
Market Response and Speculation
Following the transaction, XRP value exhibited a modest increase. XRP price was at $0.5843 which is 8.40% up from the position it was a week ago at the time of writing. Even more, the trading volume of XRP surged in the last 24 hours hitting $1.27 billion, a 28.6% increase. This increase in trading volume and price reflects increased market activity and investor interest in XRP.
As the deadline for the Ripple vs SEC appeal nears, XRP price has shown positive sentiments. According to CoinGape analysis, if Ripple captures 50% of global remittance, XRP price could break to $5.
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