Ripple’s recent 60 million XRP transfer, following a 200 million move, has fueled speculation about ties to its legal appeals.
In addition to the 200 million XRP that it transferred out of its wallet on Wednesday, Ripple has now transferred an additional 60 million XRP tokens. This has sparked a discussion within the XRP community about its connection to the litigation appeals submitted to the United States Court of Appeals for the Second Circuit.
Ripple Moves 60M XRP Ahead Form C Filing in SEC Lawsuit
In the meantime, the price of XRP has plunged by about three percent, reaching an intraday low of $0.529, as whales and traders responded to Ripple’s move. As reported by Whale Alert, on October 23, the cryptocurrency payments company Ripple moved sixty million XRP tokens to two different wallets within the blockchain.
In rapid succession, Ripple carried out two distinct transactions totaling thirty million XRP, each transferring to a different wallet. The transfers to these wallets have particularly sparked curiosity, as Ripple had previously moved thirty million XRP to the same accounts in close proximity to important filings and rulings in the Ripple vs. SEC lawsuit.
Immediately after Judge Analisa Torres imposed a $125 million penalty order in the XRP litigation, the business transferred thirty million dollars to a wallet. The explorer’s data indicates that the business had previously used the wallets to dump some XRP tokens onto the cryptocurrency market Binance.
As the legal battle with the United States Securities and Exchange Commission closes in on the crucial appeal stage, Ripple shifted XRP valued at $109 million on Tuesday. Many members of the community began speculating after Ripple moved 200 million tokens.
Despite the fact that the long-running case between the United States Securities and Exchange Commission and Ripple Labs has had an effect on the surge in the price of XRP, there are analysts who predict that the appeals will continue to have an effect for a few years.
The corporation’s recent developments and experts’ price forecasts prove otherwise.Chris Larsen has submitted a notice of appearance to the appeal court of the United States, following the court’s provision of an extension. In the later part of this week, the company will submit Forms C and D. Transfers from wallets associated with Ripple have the potential to make whales sell their holdings.
It is possible that this would further hinder the upward trend in the price of XRP. As the Ripple vs. SEC litigation moves forward in the court of appeals, the price of XRP has dropped by three percent over the past twenty-four hours. At the moment, the price is trading at $0.52, with a peak of $0.541 and a low of $0.525 over the course of the previous twenty-four hours.
The volume of trades has also reduced by thirty percent over the course of the past twenty-four hours. The overall futures open interest on the derivatives market has decreased by 2% during the course of the past twenty-four hours. Statistics provided by Coinglass currently value the XRP futures open interest of 1.45 billion at $761.69 million.
