A Ripple-linked wallet recently moved 100 million XRP, valued at approximately $57.92 million, sparking concerns within the community as the deadline for the SEC’s appeal approaches.
According to Whale Alert, a renowned crypto tracking platform, an address associated with Ripple substantially transferred XRP on September 19, 2024. The transaction entailed the transfer of 100 million XRP to an undisclosed wallet.
Immediately following the initial transfer, the wallet rhWt.. transferred 19.957 million XRP to another Ripple wallet, which promptly disbursed the funds to various exchanges.
Bitso received the most significant portion, 19.7 million XRP, while Bitstamp received a smaller parcel of 257,000 XRP.
The timing of this transfer is particularly significant, as it coincides with a critical period for Ripple as it navigates its legal disputes with the SEC. The wallet could be associated with Ripple lawyers preparing to release the trust fund as the appeal deadline approaches.
This is particularly true because Judge Torres permitted the XRP company to postpone the $125 million payment and retain the fund in trust until the appeal is resolved by October 6.
In addition, the wallet identified as “unknown” by the XRP Ledger explorer has been consistently active, participating in numerous substantial transactions throughout the week, according to data obtained from Bithomp.
This encompasses a previous transaction on September 17, during which 50 million XRP was transferred to the same beneficiary wallet. This suggests a pattern in the wallet us activity during regulatory scrutiny.
As evidenced by the subsequent movement of a portion of the transferred XRP to exchanges, the speculation extends to the possibility of these tokens being sold on exchanges.
Market Response and Speculation
The value of XRP experienced a slight increase after the transaction. At the time of writing, the price of XRP was $0.5843, representing an 8.40% increase from its previous position one week prior.
In addition, the trading volume of XRP has increased by 28.63% in the past 24 hours, reaching approximately $1.27 billion. This rise in trading volume and price indicates investors’ growing interest and market activity in XRP.
As the deadline for the Ripple vs SEC appeal approaches, the XRP price has demonstrated favorable sentiments. CoinGape’s analysis indicates that the price of XRP could reach $5 if Ripple secures 50% of the global remittance market.
