Ripple Initiates Large XRP Transfers Amid SEC Case
Ripple, the blockchain technology company, has made significant moves by transferring millions of XRP to centralized exchanges and other wallets. These transfers have caught the attention of a popular service that tracks large transactions.
SEC Scores Victory in Ripple Case
In the ongoing case between Ripple and the United States Securities and Exchange Commission (SEC), the SEC has achieved a small victory. A judge has ordered Ripple Labs to provide historical financial statements, which the company had previously contested as irrelevant to the case.
Ripple’s Recent XRP Transfers
In the past 24 hours, Ripple has initiated three transfers totaling 206 million XRP, equivalent to approximately $103 million.
Details of the Transfers
The first transfer, made around 16 hours ago, involved nearly 54 million XRP sent to an address activated by Ripple. The second transfer was for 120 million XRP, also sent to an address activated by the company. The final transfer was sent from Ripple to Bitstamp for selling purposes and amounted to just under 29 million tokens, valued at around $14.5 million at the time of writing.
Unlikely Connection to SEC Developments
These recent transfers are unlikely to be directly related to the latest developments in the SEC case. Ripple has been selling large amounts of XRP on the open market for years, which is one aspect of the case brought against them by the SEC. The Commission alleges that XRP is an unregistered security offering, but this claim was partially dismissed in 2023 when a judge ruled that XRP sold on secondary markets does not constitute an investment contract.
XRP Price Remains Stable
Despite the ongoing legal proceedings, the price of XRP has not been significantly affected. It is currently trading relatively flat, down about 0.8%, which is consistent with the overall market trend.
Hot Take: Ripple’s XRP Transfers Raise Questions Amidst SEC Battle
Ripple’s recent large-scale transfers of XRP raise questions about their intentions and impact on the ongoing legal battle with the SEC. While these transfers may not be directly linked to the case, they draw attention to Ripple’s history of selling significant amounts of XRP. As the legal proceedings continue, it remains to be seen how Ripple’s actions will affect the outcome and perception of the case. Meanwhile, the price of XRP remains relatively stable amidst the uncertainty surrounding Ripple’s future.
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