Ripple-Linked Wallet Moves 100 Million XRP Amid SEC Appeal Deadline

A wallet linked to Ripple recently moved 100 million XRP, transferring 19.7 million tokens to the Bitso exchange. This significant transaction, valued at approximately $57.92 million, was highlighted by Whale Alert, a leading crypto tracking service. The XRP transfer has sparked concerns within the community, as it coincides with ongoing regulatory challenges Ripple faces, including the approaching deadline for the SEC’s appeal.

Ripple-Associated Wallet Moves 100 Million XRP Amid Legal Heat

According to Whale Alert, a notable crypto tracking platform, an address associated with Ripple conducted a substantial transfer of XRP on September 19, 2024. The transaction involved moving 100 million XRP to an unknown wallet. The receiver wallet rhWt.. later sent 19.7 million to Bitso crypto exchange.

Following the initial transfer, the wallet rhWt.. sent 19.957 million XRP to another Ripple wallet, which promptly distributed these funds to various exchanges. The largest chunk, 19.7 million XRP, went to Bitso, and a smaller parcel of 257,000 XRP was sent to Bitstamp.

This transfer is particularly noteworthy as it aligns with a critical period for Ripple as it navigates through its legal disputes with the SEC. With the appeal deadline nearing, the wallet could be related to Ripple lawyers who are preparing to release the trust fund. This is especially because Judge Torres approved the XRP company to hold off the $125 million payment and the fund kept in trust until clarity on appeal by Oct. 6.

Additionally, data sourced from Bithomp reveals that the wallet tagged as unknown by the XRP Ledger explorer has been persistently active, engaging in several large transactions over the week. This includes a previous transaction on September 17, where 50 million XRP were moved to the same recipient wallet, suggesting a pattern in the wallet’s activity amidst regulatory scrutiny.

The speculation extends to the possibility of these tokens being sold on exchanges, as evidenced by the subsequent movement of part of the transferred XRP to exchanges.

Market Response and Speculation

Following the transaction, XRP value exhibited a modest increase. XRP price was at $0.5843 which is 8.40% up from the position it was a week ago at the time of writing. Even more to that, the trading volume of XRP has risen drastically within the last 24 hours with the trading volume hitting around $1.27 billion registering a 28.63% increase. This increase in trading volume and price reflects increased market activity and investor interest in XRP.

As the deadline for the Ripple vs SEC appeal nears, XRP price has shown positive sentiments. According to CoinGape analysis, if If Ripple captures 50% of global Remittance, XRP price could break to $5.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.