Ripple has recently transferred 200 million XRP sparking discussions in the crypto community. The latest transfer by the blockchain firm, valued at around $117 million, comes amid growing speculations over a potential last-minute US SEC appeal in the XRP case. Besides, it also sparked debates over the potential impact of the transfer on XRP price.
Ripple Move 200 Million XRP Sparking Speculations
According to the leading on-chain transaction tracking platform, Whale Alert, Ripple shifted 200 million XRP. The transfer, worth about $117.61 million, was made to an unknown wallet, identified by the address “rP4X2…sKxv3”.
It’s worth noting that the blockchain firm has made similar hefty transfers to this same wallet previously, which has further sparked discussions. According to XRPScan report, the leading blockchain company has moved 150 million XRP previously on September 13.
Meanwhile, looking at the recent transfers of the wallet, many have speculated the wallet to be linked with the firm. However, the actual reason behind the transfer remains unknown, which has triggered debates in the crypto community.
In addition, the timing of the transfer is also crucial. It comes amid mounting speculations over a potential last-minute appeal by the US SEC in the XRP case. Besides, Ripple has also received a stay order from the court to hold its $125 million penalty to the SEC recently.
Speculation Soars Over US SEC’s Last-Minute Appeal In XRP Case
The Ripple Vs SEC lawsuit has been one of the hottest topics in the crypto town over the years. However, the legal battle concluded last month, with Judge Torres ordering the blockchain firm to pay $125 million in penalty to the agency, down from the SEC’s initial demand of $2 billion. Many in the crypto community see this judgment as a potential win for the firm.
However, speculations mount over a potential US SEC appeal in the XRP case. According to ex-SEC lawyers, Marc Fagel and James Farrell, the agency is highly likely to file an appeal in the XRP lawsuit. As the agency still has two more weeks to file an appeal, the discussions are soaring over a potential appeal by the agency.
Meanwhile, amid this, XRP price traded near the flatline at $0.5875, with its trading volume soaring 23% to $1.05 billion. Notably, the crypto has touched a 24-hour high of $0.5952. Furthermore, CoinGlass data showed that the XRP Futures Open Interest soared 2.3%, indicating a growing market sentiment towards the crypto.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: 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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