Claim BonusRipple Moves 60 Million XRP, What’s Happening?
Ripple on Monday transferred 60 million XRP worth more than $30 million to an unknown wallet, reported blockchain tracker platform Whale Alert. The transaction sparked excitement in the XRP community, with some speculating another upside momentum in price amid speculation of settlement between Ripple and the US Securities and Exchange Commission (SEC).
Ripple’s 60 Million XRP Transfer Sparks Excitement in Community
According to Whale Alert, Ripple transferred 60 million XRP worth 30,985,299 from a Ripple.com-linked wallet address to an unknown wallet address on October 9. The transfer raises speculation for another upside momentum in XRP price as it continues to bounce from the psychological support level of $0.50. However, it failed to hold and pullback from $0.55 recently.
The blockchain data revealed that the unknown wallet belongs to Ripple and was activated in 2021. The wallet now has 67.80 million XRP. Ripple typically transfers XRP to the Ripple escrow wallet after unlocking 1 billion XRP to maintain liquidity. 800 million XRP returned to escrow wallet. The 60 million came from the remaining 200 million XRP.
The move came amid rising speculation of a potential settlement between Ripple and the US SEC despite a trial set for April 2024. Attorney Jeremy Hogan believes that settlement is a good option after Judge Analisa Torres rejected the SEC’s motion to file an interlocutory appeal. Hogan places an 18.987% chance of a complete settlement with Ripple and executives Brad Garlinghouse and Chris Larsen. However, there is a higher possibility of settlement with executives and continuing trial with the firm.
Also Read: Binance CEO “CZ” Makes Bold Post-Halving Bitcoin Prediction
XRP Price to Rebound?
XRP price fell more than 1% in the past 24 hours, with the price currently trading at $0.513. The 24-hour low and high are $0.514 and $0.522, respectively. The price moved mostly sideways last week amid a lack of interest from traders ahead of the U.S. CPI inflation data this week.
Investors must keep an eye on whale movements in the crypto market as analysts anticipate sudden price movements. The market sentiment remains “neutral.”
Also Read: Judge To Preclude Sam Bankman-Fried’s Defense On Anthropic Investments?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Will Bitcoin Crash Again as ‘Trump Insider’ Whale Dumps 6,599 BTC
- XRP News: Ripple’s RLUSD Gets Boost as CFTC Expands Approved Tokenized Collateral
- Crypto Markets Brace as Another Partial U.S. Government Shutdown Looms Next Week
- $40B Bitcoin Airdrop Error: Bithumb to Reimburse Customer Losses After BTC Crash To $55k
- ETH Price Fears Major Crash As Trend Research Deposits $1.8B Ethereum to Binance
- Cardano Price Prediction as Midnight Token Soars 15%
- Bitcoin and XRP Price Outlook Ahead of Crypto Market Bill Nearing Key Phase on Feb 10th
- Bitcoin Price Prediction as Funding Rate Tumbles Ahead of $2.1B Options Expiry
- Ethereum Price Outlook as Vitalik Buterin Sells $14 Million Worth of ETH: What’s Next for Ether?
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
