Ripple Moves 150M XRP Amid SEC Settlement Speculations

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Ripple attracted an attention early today by transferring 150 million XRP tokens to an anonymous wallet amid the approaching SEC settlement. Whale Alert, a community surveillance service, first reported Ripple’s transaction. Ripple sent 150 million XRP, valued at approximately $64.29 million, to wallet “rP4X2hTa7A.” Blockchain records show that the recipient’s wallet unloaded 50 million XRP within three minutes of the inflow to another nameless address.

Ripple’s decision to move 150 million XRP to an anonymous wallet has sparked various reactions. Some community members wonder why Ripple made such a massive transaction, while others question if it relates to the ongoing SEC lawsuit. Ripple and the SEC continue to dispute the settlement amount for Ripple’s violation of federal securities laws. The SEC demands around $2 billion, whereas Ripple argues $10 million is sufficient.

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Both parties presented their cases to District Court Judge Analisa Torres. Legal experts like Fred Rispoli suggest that Judge Torres will decide on the suit on either the 13th or 31st of this month. It’s noteworthy that the 150 million XRP Ripple transferred today is part of its monthly sales. On July 1, Ripple unlocked 1 billion XRP from escrow, reserved 200 million, and re-locked 800 million tokens. Ripple frequently uses the recipient wallet “rP4X2hTa7A” to offload XRP tokens monthly. For example, Ripple dumped 400 million XRP from the June escrow unlock to this address.

Other Entities Move about 400 Million XRP

Ripple isn’t the only entity moving large amounts of XRP to unknown addresses in the last 24 hours. Binance, a prominent crypto trading platform, transferred 300 million XRP valued at $130,132,907 to an unidentified wallet. This transaction has triggered bearish fears among community members regarding XRP’s price impact.

Furthermore, Binance didn’t stop there. Two hours ago, the exchange transferred another 52.1 million XRP to an anonymous wallet, bringing Binance’s total to 352.1 million XRP. Whale Alert also indexed a dispatch of 35.35 million XRP from the Bitstamp exchange to an unknown destination a few hours ago. 

Related article: Ripple’s Legal Journey: Impactful July Decisions Ahead

Despite these large movements, XRP posted a 2% price gain today. Ripple and other entities have recently moved significant amounts of XRP amid an ongoing SEC settlement. 

The implications of these transactions remain uncertain, but they have undoubtedly stirred the crypto community.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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