Ripple Transfers 60 Million XRP to Unknown Wallet
Ripple made a transfer of 60 million XRP, valued at over $30 million, to an unknown wallet. This transaction has generated excitement in the XRP community, with some speculating that it could lead to an increase in the price of XRP. The transfer comes as XRP continues to bounce off the support level of $0.50, although it recently pulled back from $0.55.
Ripple’s Unknown Wallet Activated in 2021
The unknown wallet that received the 60 million XRP belongs to Ripple and was activated this year. It now holds a total of 67.80 million XRP. Ripple typically transfers XRP to its escrow wallet after unlocking 1 billion XRP to maintain liquidity. Of the remaining 200 million XRP, 60 million was transferred to the unknown wallet.
Potential Settlement Between Ripple and SEC
There is growing speculation of a potential settlement between Ripple and the US Securities and Exchange Commission (SEC), despite a trial set for April 2024. Attorney Jeremy Hogan believes that settlement is a good option after Judge Analisa Torres rejected the SEC’s motion to file an interlocutory appeal. Hogan estimates an 18.987% chance of a complete settlement with Ripple and its executives Brad Garlinghouse and Chris Larsen.
XRP Price Outlook
The price of XRP has fallen more than 1% in the past 24 hours and is currently trading at $0.513. Last week, the price remained mostly sideways due to a lack of interest from traders ahead of upcoming US CPI inflation data. Investors should monitor whale movements in the crypto market as sudden price movements can occur.
Hot Take: Ripple’s XRP Transfer Fuels Speculation of Price Increase
Ripple’s transfer of 60 million XRP to an unknown wallet has sparked excitement in the XRP community. Some believe that this could lead to an increase in the price of XRP, especially as it continues to bounce off the support level of $0.50. However, the price has recently pulled back from $0.55. Additionally, there is speculation of a potential settlement between Ripple and the SEC, which could further impact XRP’s price in the future.
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