A Ripple-associated wallet has recently moved 100 million XRP as it transferred 19.7 million tokens to the Bitso exchange. This transaction valued at around $57.9 million was noticed by tracking platform Whale Alert. The transfer coinciding with Ripple’s ongoing regulatory challenges has ignited concerns among the community.
After the initial transfer of the wallet, rhWt… sent 19.957 million XRP to another Ripple wallet, which distributed these funds to various exchanges. The largest chunk of 19.7 million XRP went to Bitso and a smaller chunk of 257,000 XRP was sent to Bitstamp.
The Deadline For SEC’s Appeal Approaching Near
The approaching deadline for the SEC’s appeal on October 6 has further added to the speculations. The wallet could be related to Ripple lawyers prepping to release the trust fund as Judge Torres has approved the XRP company to hold the $125 million payment and the fund trust until there is a clarity on appeal by October 6.
The wallet involved has been constantly inactive, engaging in several transactions over the week. In a previous transaction on September 17, 50 million XRP were moved to the same recipient wallet, indicating a pattern in the wallet’s activity amidst regulatory scrutiny. There’s speculation about a potential sell-off, especially with some of the transferred XRP being moved to exchanges.
XRP’s Muted Response
Following the transaction, XRP displayed a muted increase. XRP price was at $0.5843, 8.40% up from last week. The trading volume of XRP also surged in the last 24 hours with a 28.6% increase mirroring a boost in market activity and investor interest in XRP.
Also Check Out: Ripple News: Grayscale’s New XRP Trust – Is It Better Than Buying XRP?
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