Ripple Initiates Large XRP Transactions Post Legal Setback
06 February 2024 - 11:00PM
NEWSBTC
Ripple Labs, a leading cryptocurrency payment firm, has been seen
moving millions of XRP tokens following the United States
Securities and Exchange Commission’s (SEC) recent victory in a
legal dispute. Ripple Moves Millions Of XRP As Price Holds Steady
According to a recent report, Ripple Labs moved a whopping 120
million XRP tokens valued at about $60.8 million. The move has
caused quite a stir within the XRP community and heightened
sell-off anxiety in the face of increased market volatility.
Related Reading: XRP Records Highest Single Day Whale Accumulation
Since Ripple’s Partial Victory Over SEC This comes after the
payment firm experienced a legal setback in court on Monday. The
SEC’s motion to force Ripple to provide its financial statements
for XRP was granted by the Southern US District Court of New York.
It was reported by Bithomp that the aforementioned funds were
transferred to a Ripple-related wallet that was used for massive
transfers. Data from Bithomp revealed that the wallet address
rBg2Fu…uJ4vt5x1o91m moved the funds to a separate wallet address
rP4X2hTa7…XvPz7XZ63sKxv3. This indicates that the transaction might
include the transfer of such large amounts using other wallets or
companies under Ripple’s control. Furthermore, the transfer might
just be connected to Ripple’s payment services. As a result, it
will allow banks to utilize XRP to send funds across borders almost
instantly and for a minimal cost. It is noteworthy that the
address that received the funds has transferred a notable portion
of the XRP tokens. However, the address still contains about 90
million XRP valued at approximately $45 million. Bithomp also
reported that the firm was seen moving about 53.75 million XRP
tokens valued at about $27.5 million. Data from the on-chain
platform shows that the wallet address rKveEy…ZsoGMb3PEv
transferred the funds to another wallet address
rPfSrrKY…R7g1tYzDDJoAys. The Payment Firm Brings XRP To The US
Market Ripple has announced its plan to transform international
payments in the US with XRP and its payment services. According to
the firm, they will be introducing “new product updates that will
cover the majority of US states.” Related Reading: Ripple IPO: Wall
Street Veteran Explains Why Shares Could Surge 2000% Before Public
Listing These fresh products are going to be powered by its Money
Transmitter Licenses (MTLs). Initially, Oliver Segovia, Senior
Director and Head of Product Marketing for Payments at Ripple,
shared the announcement on Linkedin. Segovia explained that
although Ripple’s global headquarters is located in the US, 90% of
its businesses serve organizations outside. Specifically, he
acknowledges that for the last three years, the firm has remained
somewhat quiet in the US market. Despite these developments, XRP’s
price has still been down by 5.42% in the past week, holding steady
at $0.50. Interestingly, its trading volume has increased by over
25% in the past 24 hours. Featured image from iStock, chart by
Tradingview.com
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