Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

Why is Ripple Transferring Large Amounts of XRP?

Why is Ripple Transferring Large Amounts of XRP?

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.

Read Disclaimer
This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.

Share it

Why is Ripple Transferring Large Amounts of XRP?