On September 18, 2024, Ripple executed a significant transfer of 100 million XRP tokens, valued at approximately $57.9 million, to an unknown wallet. This large-scale transaction comes amid increasing regulatory scrutiny, especially as Ripple continues to navigate its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Details of the Ripple Transfer and Subsequent Transactions
The transfer was first detected by Whale Alert, which reported that the funds originated from a Ripple-linked wallet. Shortly after the initial transaction, Ripple moved 19.957 million XRP to another of its own wallets. From there, XRP was distributed across several exchanges: 19.7 million XRP was sent to Bitso, and an additional 257,000 XRP went to Bitstamp.
The timing and magnitude of the transfer have drawn attention due to Ripple’s ongoing legal struggles with the SEC. Analysts are closely monitoring the situation, as Ripple faces allegations of conducting unregistered securities offerings, with a crucial deadline for the appeal looming on October 6.
Ripple has also been permitted to withhold a $125 million payment, which will remain in trust until the legal dispute is resolved. Some market analysts speculate that the recent XRP movement may be part of Ripple’s broader legal strategy, possibly tied to the release of these trust funds. Others are concerned that the transfer may signal a potential sell-off, particularly since a portion of the tokens has ended up on cryptocurrency exchanges.
XRP Price Surge and Ripple-SEC Lawsuit Developments
Following the transaction, XRP saw a noticeable increase in its price, rising to $0.5863, an 8.40% gain from the previous week’s low. The surge in value was accompanied by a 29.93% increase in trading volume, reaching $1.31 billion over the last 24 hours, signaling a renewed interest in the token.
Ripple’s ongoing legal battle with the SEC has added to the intrigue surrounding the transaction. Filed in December 2020, the lawsuit alleges that Ripple raised over $1.3 billion through the sale of unregistered securities via XRP tokens. As the legal case reaches a critical stage, market participants are watching closely for updates that could significantly impact Ripple, XRP, and the broader cryptocurrency market.
