Ripple’s recent transfer of 60 million XRP tokens has stirred speculation within the XRP community, as many question whether the move is tied to the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
According to Whale Alert, Ripple moved the tokens in two separate transactions on October 23, each involving 30 million XRP. This follows Ripple’s earlier transfer of 200 million XRP on October 18, which had already sparked debate about its timing in relation to the lawsuit.
The connection between Ripple’s token transfers and the legal proceedings is unclear, but many observers note that wallets receiving these funds have been active during critical moments of the SEC lawsuit. For instance, after Judge Analisa Torres imposed a $125 million penalty in the lawsuit, Ripple moved a similar amount of XRP to wallets that have been linked to major transactions, including sales on Binance. This pattern has led some to speculate that these transfers could signal impending sell-offs, further impacting the token’s market performance.
Ripple’s legal challenges appear to be influencing XRP’s price, which has seen a 3% drop in the past 24 hours, with the token currently trading at $0.52. The trading range has narrowed, fluctuating between $0.525 and $0.541, while trading volume has declined by 30% during the same period. In the derivatives market, open interest in XRP futures has also dropped by 2% over the past 24 hours, with the total now standing at $761.69 million, according to Coinglass data.
Ripple’s CEO, Brad Garlinghouse, has been vocal about the broader implications of the lawsuit for both Ripple and the U.S. crypto industry. He described the ongoing battle as a
“victory for Ripple, the industry, and the rule of law,”
emphasizing the importance of the court’s decisions for shaping the regulatory environment around digital assets.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
