Millions of XRP moved in the last few hours, according to cryptocurrency data tracker Whale Alert. 89 million XRP in total were moved to new locations.
Whale Alert claims that Ripple sent $60 million in XRP, or $30,985,299, to an anonymous wallet. 29 million XRP were also sent to Bitstamp from an unidentified wallet. The 29 million XRP transferred the equivalent of $15,042,010 in money.
Tokens are transferred for a number of reasons, all related to the destination. It’s possible that Ripple’s transfer of 60 million XRP was an over-the-counter (OTC) transaction that took place outside of a cryptocurrency exchange.
Note that XRP is used as a bridge currency by Ripple’s ODL, which is now referred to as “Ripple payments,” in order to facilitate cross-border transactions. There are a few options available with the 29 million XRP move to the Bitstamp cryptocurrency exchange.
Selling might be the first. Stake or airdrop uses are some more. We don’t know the precise cause of the token change in any case. As of writing, XRP was down 2.26% over the previous day to $0.509 in value. In the Ripple-SEC situation, new options arise. In the Ripple case, the SEC suffered a blow when its request for an interlocutory appeal was turned down.
Given this, pro-Ripple lawyer Jeremy Hogan describes the possibilities and expected course of the litigation. Hogan states that the first scenario, which has a 39.456% chance of happening, is that the SEC will try each of the individual defendants in April of next year. An appeal of the case may not be filed until 2025 if the SEC goes to trial, which implies that an appellate judgement would probably not be rendered until 2026.
The SEC might reach a settlement with each of the defendants in the case, move on with obtaining a final judgement against Ripple, and then file an appeal—which has a 32.113% probability of being successful—after that.
Selling ripples? Millions of XRP are being moved to a new location.,Selling ripples? Millions of XRP are being moved to a new location.
The third scenario, which has an 18.987% probability of happening and a projected date of December 21, 2023, is that the SEC settlements all of the litigation against Ripple and the individual defendants.
Selling ripples? Millions of XRP are being moved to a new location.,Selling ripples? Millions of XRP are being moved to a new location.,Selling ripples? Millions of XRP are being moved to a new location.