Ripple 100 Million XRP Move Sparks Buzz As US SEC Hints At Filing Appeal

by

As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market movements and regulatory battles. The recent 100 million XRP transfer by Ripple has caught my attention, particularly against the backdrop of the ongoing SEC lawsuit.

On Friday, Ripple, a major American blockchain payments firm, transferred 100 million units of XRP, fueling excitement throughout the market. This move was made as hints emerged that the U.S. Securities and Exchange Commission (SEC) might file an appeal in the ongoing lawsuit concerning XRP. Interestingly, Ripple’s recent court order allowing a stay of $125 million has added an extra layer of mystery to this massive transaction.

Ripple Transfers 100M Coins, US SEC Readies Appeal?

On September 6th, as per Whale Alert’s data, a transfer of 100 million XRP, valued at approximately $54 million, moved from Ripple to the unidentified wallet address rht..Wdc. This significant transaction has garnered attention within the crypto community, largely due to the ongoing SEC lawsuit and its recent updates.

Moreover, Whale Alert’s data today highlighted 31.12 million coins, valued at approximately $16.90 million, amassed by an unidentified account on Orbit exchange, fueling investor conjectures. Concurrently, the well-known whale known as Rzn carried on its pattern of selling off, transferring nearly 56M coins to exchanges Bitstamp and Bitso.

Ripple Obtains Stay Order on $125 Million Amid SEC Appeal Odds

The judge, Analisa Torres, and the Securities and Exchange Commission (SEC) have granted a blockchain company’s petition to delay the implementation of a $125 million settlement. This move seems to favor the American company, but there is speculation that the SEC might choose to challenge this decision further by filing an appeal in the near future.

In light of the court’s verdict requiring the $125 million settlement from the American blockchain payments firm, fulfilling this obligation signifies a resolution. However, since the SEC has granted a stay, the cryptocurrency community anticipates a potential appeal.

According to a recent report by CoinGape Media, attorney Fred Rispoli is holding firm in the face of increasing chances of an SEC appeal. Similarly, lawyers James Farrel and Marc Fagel also expressed confidence regarding an upcoming appeal. With such expectations in mind, Ripple’s decision to move 100 million tokens has drawn considerable interest. Notably, a well-known market expert noted on X that the stay order implies that the U.S. blockchain company is essentially putting $125 million into escrow as a kind of safety net for their firm.

XRP Price Today

Currently, the price of XRP has dropped by almost 3% to reach $0.5392. Earlier today, its lowest and highest points were $0.5411 and $0.5548 respectively. It’s worth mentioning that Ripple moved 100 million coins as the token fell below the $0.56 price mark.

According to CoinGape’s analysis, XRP has been holding steady around $0.56 for a while. But there’s excitement brewing about the upcoming launch of RLUSD, Ripple’s stablecoin, which might come earlier than anticipated. This early appearance could boost the coin’s future outlook.

Currently, data from Coinglass indicates a 0.43% decrease in futures Open Interest to approximately $591.67 million, and a nearly 5% drop in derivatives volume to $767.66 million. This decline has stirred apprehension among investors regarding the asset’s potential price movement, suggesting a possible reduction in investor interest. As the lawsuit progresses, crypto market players remain vigilant, eagerly watching for any changes in the asset’s future price trends.

Read More

2024-09-06 11:48