Ripple has moved 200 million XRP tokens worth about $109 million to an unknown wallet. This is notable especially at this time as it happens ahead of the next phase in Ripple’s legal case against the U.S. Securities and Exchange Commission (SEC).
The appeal is a significant moment in Ripple’s fight against the SEC, which claims that Ripple’s XRP sales constituted an unregistered securities offering.
Ripple’s 200 Million XRP Transfer Ahead of US SEC Appeal
The large XRP transfer has elicited questions on what Ripple may be up to given that the transfer was made at the time of the SEC appeal. The appeal is expected to be a direct challenge to the ruling made by Judge Analisa Torres, who had earlier granted a motion in favour of Ripple stating that the sale of XRP through exchanges was not a violation of the U.S securities laws.
Stuart Alderoty, the Chief Legal Officer of Ripple, shared his thoughts on the potential scenarios of the appeal. He said the optimal outcome of the proceedings for the Securities and Exchange Commission could be to have the case sent back to Judge Torres.
Nevertheless, Alderoty explained that the Securities and Exchange Commission would struggle to challenge the decision, saying: “The SEC could end up arguing to Judge Torres that she wasn’t a person of ‘ordinary intelligence’ when she ruled against them.” Concurrently, Ripple’s legal team remains optimistic about their position in the case, despite the ongoing litigation.
XRP Price Movement and Market Reaction
During this legal fight, XRP has seen an increase in both derivatives and spot trading Data from CoinGlass revealed that XRP’s derivatives trading volume jumped more than 130%, with spot trading volume rising by 108% from the previous day.
With the total market trading volume at $2.5 billion for both futures and spot markets, the trading volume/market cap ratio is 8%, which indicates that traders are paying more attention to the asset. Concurrently, crypto analysts continue to share varying predictions for XRP’s price movement.
Crypto analyst Amonyx also identified the bullish pennant formation on the XRP weekly chart and expects a breakout that may take the price to as high as $589. As noted by CoinGape, the current consolidation within the pattern, together with the overall market conditions, may open the door to major price fluctuations in case of positive change in the legal status of Ripple.
MetaMask Integrates with XRP Ledger Amid XRP Transfer
During the massive XRP transfer, Ripple revealed that the XRP Ledger (XRPL) is now integrated with MetaMask, a Web3 wallet service. By integrating XRPL Snap, users of MetaMask can now engage with the XRP Ledger from their wallets.
This integration enables XRP account management, transaction signing, and interaction with the XRPL-based decentralized applications (dApps).
In addition, the integration will enable the XRP Ledger to be taken to MetaMask’s 30 million monthly active users making XRP and the XRPL more accessible to developers and the retail audience. The new tool provides functionalities such as network flexibility, security checks, and developer documentation for developers seeking to integrate with the XRP Ledger.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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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