Ripple Moves 60 Million XRP, What’s Happening?

Ripple Moves 60 Million XRP, What’s Happening?

Ripple on Monday transferred 60 million XRP worth more than $30 million to an unknown wallet, reported blockchain tracker platform Whale Alert. The transaction sparked excitement in the XRP community, with some speculating another upside momentum in price amid speculation of settlement between Ripple and the US Securities and Exchange Commission (SEC).

Ripple’s 60 Million XRP Transfer Sparks Excitement in Community

According to Whale Alert, Ripple transferred 60 million XRP worth 30,985,299 from a wallet address to an unknown wallet address on October 9. The transfer raises speculation for another upside momentum in XRP price as it continues to bounce from the psychological support level of $0.50. However, it failed to hold and pullback from $0.55 recently.

The blockchain data revealed that the unknown wallet belongs to Ripple and was activated in 2021. The wallet now has 67.80 million XRP. Ripple typically transfers XRP to the Ripple escrow wallet after unlocking 1 billion XRP to maintain liquidity. 800 million XRP returned to escrow wallet. The 60 million came from the remaining 200 million XRP.

The move came amid rising speculation of a potential settlement between Ripple and the US SEC despite a trial set for April 2024. Attorney Jeremy Hogan believes that settlement is a good option after Judge Analisa Torres rejected the SEC’s motion to file an interlocutory appeal. Hogan places an 18.987% chance of a complete settlement with Ripple and executives Brad Garlinghouse and Chris Larsen. However, there is a higher possibility of settlement with executives and continuing trial with the firm.

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XRP Price to Rebound?

XRP price fell more than 1% in the past 24 hours, with the price currently trading at $0.513. The 24-hour low and high are $0.514 and $0.522, respectively. The price moved mostly sideways last week amid a lack of interest from traders ahead of the U.S. CPI inflation data this week.

Investors must keep an eye on whale movements in the crypto market as analysts anticipate sudden price movements. The market sentiment remains “neutral.”

Also Read: Judge To Preclude Sam Bankman-Fried’s Defense On Anthropic Investments?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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.


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