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Highlights
- Ripple moves 60 million XRP a day after moving 2000 million.
- Earlier transactions revealed similar transfers near key filings and decisions in Ripple vs SEC case.
- XRP price fell 3% in the last 24 hours.
Ripple has moved another 60 million XRP tokens from its wallet, after it moved 200 million XRP, on Wednesday. This has sparked speculation within the XRP community whether it is related to the lawsuit appeals filed in the U.S. Court of Appeals for the Second Circuit.
The crypto firm is expected to file Form C on October 24 in its long-running legal battle against the US SEC.
Ripple Moves 60M XRP Ahead Form C Filing in SEC Lawsuit
Crypto payments firm Ripple transferred 60 million XRP tokens to two wallets on October 23, according to Whale Alert. The transactions were done in quick succession, with two transactions with 30 million XRP moved to separate wallets.
Notably, the transfers to these wallets have raised speculation as Ripple earlier moved 30 million XRP to same wallets near key filings and decisions in Ripple vs SEC case.
The company moved 30 million to a wallet after Judge Analisa Torres issued the order of $125 million penalties in the XRP lawsuit. As per explorer data, the wallets were earlier used to dump some XRP tokens to the crypto exchange Binance.
On Tuesday, Ripple moved XRP valued at $109 million as the legal battle with the US SEC nears the critical appeal stage. The 200 million tokens move sparked speculation in the community.
XRP Price Falls to Support
While the long-running U.S. SEC v Ripple Labs lawsuit has impacted the XRP price rally, some experts believe the appeals will continue to make an impact for a few years. However, price predictions by analysts and recent developments by the company indicate otherwise.
Chris Larsen has filed a notice of appearance in the appeal court after the court provided an extension. The company will file Forms C and D later this week. In an X post, Fox Journalist Eleanor Terrett revealed that the company will file Form C in the US SEC appeal on October 24.
The transfers from Ripple-related wallets can cause selloffs by whales. This could further weaken the upside momentum in the XRP price. Moreover, there is already a bearish sentiment among XRP traders with Chris Larsen’s interest in the Kamala Harris campaign. Cardano Founder Charles Hoskinson condemned Larsen for the donation while criticizing Joe Biden and Kamala Harris’ administration.
The Ripple co-founder’s support for Harris is surprising considering the SEC’s enforcement actions against the crypto industry, including his firm under the Biden/ Harris administration.
The XRP price is trading at around $0.53, up over 2% in the last 24 hours. Trading volume is up over 12%, with $1 billion traded during this period.
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