Altcoin
Ripple’s 100 Million XRP Move Sparks Buzz As US SEC Hints At Filing Appeal
American blockchain payments company Ripple on Friday moved a whopping 100 million XRP, echoing a frenzy across the broader market. The transaction came in the background of the U.S. SEC hinting that it is ready to file an appeal in the XRP lawsuit ahead. Meanwhile, the approval of the American company’s recent $125 million stay order has brought additional intrigue to the massive transaction.
Ripple Transfers 100M Coins, US SEC Readies Appeal?
According to Whale Alert data on X dated September 6, 100 million XRP, worth $54 million, was shifted from Ripple to the unknown address rht..Wdc. This transaction caught the eyes of crypto enthusiasts, primarily due to the recent developments within SEC lawsuit.
In addition, Whale Alert’s data today spotlighted 31.12 million coins, worth $16.90 million, accumulated from the Orbit exchange by an unknown address, adding to investor speculations. Simultaneously, the renowned whale ..Rzn continued its dumping chronicle to the exchanges Bitstamp and Bitso, collectively offloading nearly 56M coins.
Ripple Obtains Stay Order on $125 Million Amid SEC Appeal Odds
Judge Analisa Torres and the Securities and Exchange Commission recently agreed on the blockchain firm’s request to put a $125 million settlement on a stay order. While this development sided with the American company, SEC’s agreement on putting the settlement on hold has sparked speculations over the regulatory body’s plans to file an appeal ahead.
As the final judgment in the lawsuit mandates the payment of $125 million settlement by the American blockchain payments company, paying it would mean a final conclusion. Nonetheless, as the SEC agrees on the stay order, the crypto community expects an appeal.
A recent report by CoinGape Media spotlights that lawyer Fred Rispoli stood strong on rising odds of an appeal from the SEC. Further, even lawyers James Farrel and Marc Fagel were confident about an appeal ahead. In the wake of these anticipations, Ripple’s 100 million token move has garnered significant attention. Meanwhile, a renowned market enthusiast pointed out on X recently that the stay order means that the American blockchain firm “is placing the $125 million in escrow, serving as an insurance policy for the blockchain firm.”
XRP Price Today
At press time, XRP price cracked nearly 3% to trade at $0.5392. The coin’s intraday low and high were $0.5411 and $0.5548, respectively. Notably, Ripple’s 100 million coins mover came as the token lost the $0.56 level.
Besides, XRP price analysis by CoinGape suggests that the Ripple-backed coin remained stagnant near the $0.56 level for quite some time. However, the looming RLUSD stablecoin is anticipated to go live sooner than expected, projecting optimistic sentiments on the asset’s long-term prospects.
Meanwhile, Coinglass data today showcased a 0.43% slip in futures OI to $591.67 million. Further, the derivatives volume plummeted nearly 5% to $767.66 million. This data has sparked uncertain sentiments among investors over the asset’s future price action, hinting at reduced investors in the asset. Crypto market participants continue to eye the crypto for future price action shifts, as the lawsuit continues to advance.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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