Well-known among the Bitcoin community, Ripple allegedly moved 100 million XRP tokens worth about $57.9 million to an unknown wallet based on Whale Alert. Market observers are closely monitoring this since this activity takes place under great regulatory pressure.
Trade commenced from a bank linked to XRP. Not too long later, twenty million XRP were moved to another bank linked to Ripple.
Many sites later, this was followed. That equals plenty of XRP: 19.7 million XRP. Bitfinex came away with 257k XRP.
People are drawn to this notable XRP move since XRP is still in judicial dispute with the U.S. Securities and Exchange Commission (SEC). This arrangement emerged at a turning point in Ripple’s legal struggle, hence there are new theories on how it would fit into the general corporate plan.
Ripple Faces SEC Investigation As XRP Movement Sparks Market Concerns
The Securities Commission is investigating XRP since it offered unregistered shares in XRP coins and gathered approximately $1.3 billion from the transactions.
Until the case finishes, on October 6, ripple has more time to wait for a $125 million compensation.
Some believe the most recent XRP movement reflects Ripple’s legal issues and forthcoming trust fund release. Others, especially considering some of the XRP moved was transferred to exchanges, worry it may cause a sell-off.
XRP’s price marginally rose following the trade to $0.5863, 8.4% higher than the weekly low. Trading XRP currently hits $1.31 billion with approximately 30% increase in value over the past 24 hours. This suggests more market activity.
Investors and market observers are closely observing events that can significantly affect XRP, XRP, and the overall bitcoin landscape as the legal battle between Ripple and the SEC gets close-end developed.
