Ripple’s recent movements with its XRP holdings are raising speculation about potential preparations for a settlement in its ongoing lawsuit with the SEC. On July 1, Ripple unlocked 1 billion XRP from escrow, while retaining 1.3 billion XRP in its spendable wallets. This sparked rumors of a possible settlement agreement.
Initially, Ripple moved 1.1 billion XRP to new wallets, but later locked 800 million XRP back into escrow. They subsequently moved another 100 million XRP, leaving 300 million XRP available for future use. These actions have prompted questions about Ripple’s intentions and whether they are signaling a potential settlement with the SEC.
Whale Alert, a prominent crypto-tracking tool, reported a massive transfer of 200 million XRP between two unknown accounts, worth over $100 million. This transaction, along with others, has fueled discussions within the crypto community. The first batch of transfers involved moving one billion XRP to three separate wallets, followed by the locking of 800 million XRP in escrow. In the second wave of transactions, Ripple freed 500 million XRP and distributed it further, while keeping 1.3 billion XRP separate for liquidity needs.
These significant fluctuations in XRP holdings have sparked debates about a possible settlement between Ripple and the SEC, especially as the case enters the remedies phase. While Ripple is arguing for a much smaller penalty, the SEC is seeking a hefty $1.95 billion fine. The behavior of Ripple, as observed through these movements, is seen by some as a potential indication of their readiness to reach a settlement agreement.
At the time of writing, XRP has seen a 0.96% increase in price over the past 24 hours, with a value of $0.4856, according to CoinMarketCap. This price movement could be interpreted as a reflection of the market’s expectation of a favorable outcome for Ripple.
Previously, Ripple’s rise as a major player in the XRP market was highlighted, with the recognition of XRP’s non-security status becoming widely accepted. As debates continue and the lawsuit progresses, the crypto community eagerly awaits further developments in Ripple’s case.
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