Blockchain company Ripple $0.588471 has recently caused controversy in the crypto community with its recent transfer of 200 million XRP. The transfer, worth approximately $117 million, comes amid growing speculation about a possible last-minute objection by the U.S. Securities and Exchange Commission (SEC) in the XRP lawsuit.
Recurring Transfers to Mystery Wallet
According to leading on-chain transaction tracking platform Whale Alert, Ripple transferred 200 million XRP to an unknown wallet identified as “rP4X2…sKxv3.” The company has previously transferred large amounts to the same wallet, fueling speculation about the purpose of these transactions.
According to XRPScan reports, Ripple transferred 150 million XRP to the same address on September 13. While the real reason for the transfers is unknown, this situation is certainly causing controversy in the crypto community. Especially considering that we are on the eve of a possible appeal by the SEC.
SEC’s Potential Objection and Market Impacts
The timing of the transfer comes amid growing speculation that the SEC will file a last-minute objection to the XRP case. Ripple also recently won a court order to stay the $125 million fine it was supposed to pay the SEC. The case between Ripple and the SEC has been one of the most talked-about topics in the crypto world. In the case that concluded last month, Judge Torres ordered Ripple to pay the SEC a $125 million fine, 94% less than the SEC’s initial request of $2 billion.
Former SEC attorneys Marc Fagel and James Farrell say the agency is likely to appeal the XRP case, a possibility that has raised concerns in the crypto community as the SEC has a two-week deadline to appeal.
Latest Situation in XRP Price
In light of these developments, the price of XRP is trending sideways at $ 0.5875. Its transaction volume increased by 23% to $ 1.05 billion. The cryptocurrency saw its highest level of $ 0.5952 in the last 24 hours.
According to CoinGlass data, XRP futures open interest increased by 2.3%. The latest data points to increased investor interest in XRP and suggests that market sentiment is positive.
The large-scale transfers made by Ripple and the uncertainties in the SEC case raise questions about the future of XRP. Experts state that the possible objection of the SEC and Ripple’s moves in the upcoming period may have significant effects on the markets. If the SEC does not object by October 7, there will be no problem and the case process will end. We also know that the final decision of the Judge who oversees the case after the appeal is not very contrary. Perhaps the SEC can close this book and allocate its resources to dozens of other crypto cases in order to avoid further damage.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
