As a seasoned analyst with years of experience navigating the tumultuous waters of the crypto market, I find myself intrigued by this latest development involving Ripple and XRP. The timing of this 100 million XRP transfer, happening as it does amidst the ongoing legal battle between Ripple and the SEC, certainly raises eyebrows.
As a crypto investor, I recently noticed that a wallet linked to Ripple made a substantial transaction, moving 100 million XRP. Out of this, 19.7 million tokens were transferred to Bitso exchange. This significant move, valued at roughly $57.92 million, caught my attention as it was flagged by Whale Alert, a well-known crypto tracking service. The XRP transfer has ignited some unease within the community, given its timing with the ongoing regulatory issues that Ripple is grappling with, particularly the impending deadline for the SEC’s appeal.
Ripple-Associated Wallet Moves 100 Million XRP Amid Legal Heat
On September 19, 2024, as reported by Whale Alert, a significant amount of XRP (100 million) was transferred from an address linked with Ripple to an unidentified wallet. Subsequently, the receiving wallet with the identifier rhWt transferred 19.7 million XRP to the cryptocurrency exchange Bitso.
After the initial transaction, the Ripple wallet identified as rhWt… transferred approximately 19.957 million XRP to another Ripple wallet. This second wallet then dispersed these funds to several digital exchanges. The largest portion, about 19.7 million XRP, was forwarded to Bitso, and a smaller amount of around 257,000 XRP was transferred to Bitstamp.
This transfer stands out significantly, as it coincides with a crucial phase for Ripple, given their ongoing legal battles with the SEC. As the deadline for appeals approaches, there’s speculation that this wallet might be connected to Ripple’s legal team, who are readying to disburse the trust fund. This is plausible due to Judge Torres allowing the XRP company to postpone a $125 million payment and the funds held in trust until a decision on appeal by October 6th.
Moreover, information from Bithomp indicates that the wallet initially labeled as unidentified by the XRP Ledger explorer has consistently been active, participating in multiple significant transactions throughout the past week. One such previous transaction took place on September 17, transferring 50 million XRP to the same recipient wallet. This recurring pattern of activity raises questions about the wallet’s behavior under regulatory examination.
It’s been proposed that these digital assets might end up being traded on platforms, suggested by the fact that some of the transferred XRP has subsequently appeared on exchange platforms.
Market Response and Speculation
After the transaction, the value of XRP showed a slight uptick. At that moment, the price of XRP was $0.5843, representing an 8.40% rise compared to its price a week prior. Moreover, the trading volume of XRP surged significantly within the past 24 hours, reaching approximately $1.27 billion, marking a 28.63% increase. This surge in trading volume and price suggests heightened market activity and growing investor attention towards XRP.
With the Ripple vs SEC appeal approaching, there’s a growing optimism in the XRP market. As per CoinGape’s analysis, should Ripple secure around half of the worldwide remittance market, XRP’s value might surge beyond $5.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD CLP PREDICTION
- USD ZAR PREDICTION
- USD COP PREDICTION
- USD PHP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- SBR PREDICTION. SBR cryptocurrency
2024-09-19 13:53