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Ripple Moves Another 60M XRP After 200M, What’s Happening?

Published

3 weeks ago

October 23, 2024

Ripple has moved another 60 million XRP tokens from its wallet, after it moved 200 million XRP, on Wednesday. This has sparked speculation within the XRP community whether it is related to the lawsuit appeals filed in the US Court of Appeals for the Second Circuit.

Meanwhile, XRP price has dropped nearly 3% to an intraday low of $0.529 as whales and traders reacted to Ripple moving

Ripple Moves 60M XRP Ahead Form C Filing in SEC Lawsuit

Crypto payments firm Ripple transferred 60 million XRP tokens to two wallets on October 23, according to Whale Alert. The transactions were done in quick succession, with two transactions with 30 million XRP moved to separate wallets.

Notably, the transfers to these wallets have raised speculation as Ripple earlier moved 30 million XRP to same wallets near key filings and decisions in Ripple vs SEC case.

The company moved 30 million to a wallet after Judge Analisa Torres issued the order of $125 million penalties in the XRP lawsuit. As per explorer data, the wallets were earlier used to dump some XRP tokens to crypto exchange Binance.

On Tuesday, Ripple moved XRP valued at $109 million, as the legal battle with the US SEC nears the critical appeal stage. The 200 million tokens move sparked speculation in the community.

XRP Price Falls to Support

While the long-running U.S. SEC v Ripple Labs lawsuit has impacted the XRP price rally, some experts believe the appeals will continue to make an impact for a few years. However, price predictions by analysts and recent developments by the company indicate otherwise.

Chris Larsen has filed a notice of appearance in the appeal court after the court provided an extension. The company will file Form C and D later this week.

The transfers from Ripple-related wallets can cause selloffs by whales. This could further weaken the upside momentum in XRP price.

XRP price fell 3% in the last 24 hours as the Ripple vs SEC lawsuit to proceed in the court of appeals. The price is currently trading at $0.52, with a 24-hour low and high of $0.525 and $0.541, respectively. Furthermore, the trading volume has decreased by 30% in the last 24 hours.

In the derivatives market, total futures open interest dropped 2% over the last 24 hours. XRP futures OI of 1.45 billion is now valued at $761.69 million, as per Coinglass data.