Ripple Moves 60 Million XRP, What’s Happening?

Ripple's 60 million XRP transfer worth $30 million sparks community reaction, but traders remains cautious amid crypto market uncertainty.

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 Ripple.com-linked 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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