As a seasoned analyst with over two decades of experience in the financial sector, I find myself intrigued by the recent flurry of XRP transactions and the ongoing legal battles between Ripple and the SEC. The transfer of 104 million XRP between anonymous whales is indeed a significant move that has sent ripples (pun intended) through the XRP community.
According to data from well-known blockchain investigator Whale Alert, which specializes in identifying significant cryptocurrency transfers, there have been several transactions totaling approximately 216 million XRP, transferred one after the other.
216 million XRP on the move
Approximately 52 million units of Ripple (XRP) were sent to the Bybit exchange, followed by a significant withdrawal of 30 million XRP from the same platform to an unidentified blockchain address. The value of these transactions, at the time they were made, was around $27.84 million and $16.10 million respectively.
29.56 million units of Ripple (worth approximately 15.62 million US dollars) were transferred to Bitso, the leading cryptocurrency exchange in Latin America, which received a large deposit from an unidentified ‘whale’ (a term used for large individual investors).
In a surprising turn of events, the largest transaction within the XRP community moved an amount equivalent to 104,035,551 XRP, worth approximately $55,979,341. This substantial transfer took place between two unidentified high-value holders, often referred to as ‘whales’.
The XRP army reacted with enthusiasm and partly amazement to the 104 transaction in particular.
About a week ago, the U.S. Securities and Exchange Commission filed an appeal following their loss against Ripple Labs. Previously, Judge Analisa Torres determined last summer that XRP was not considered a security in secondary market sales. This August, the SEC proposed fines and compensations amounting to $2 billion against Ripple. However, this penalty was later reduced by the same judge to $125 million.
Currently, the SEC has chosen to pursue an appeal, but it’s important to note that the regulatory body itself is involved in a lawsuit initiated by the Bitnomial exchange.
Bitnomial exchange files lawsuit against SEC
Last Friday, it was reported that one of the initial cryptocurrency exchanges, Bitnomial (established in 2014 and based in Chicago), initiated a lawsuit against the U.S. Securities and Exchange Commission. The move came as a response to the SEC’s perceived attempt to expand its regulatory reach over digital asset derivatives.
The trading platform has been given the green light by the U.S. Commodity Futures Trading Commission (CFTC), but falls outside the jurisdiction of the Securities and Exchange Commission (SEC). Earlier this year, the platform intended to introduce XRP futures contracts that could be physically settled. However, the SEC expressed its view that these futures would be considered securities. Despite the SEC suffering a legal defeat against Ripple in August, they persist in asserting that XRP is an unregistered security.
Bitnomial is attempting to obtain a legal decision from the court that will shield futures markets, uphold the authority of the Commodity Futures Trading Commission (CFTC), and safeguard its users from potential encroachment by the Securities and Exchange Commission (SEC).
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2024-10-12 14:45