Ripple has decided to keep 1.3 billion XRP in its available wallets after releasing 1 billion tokens from escrow in July, leading to speculation of a potential resolution in the SEC case.
Whale Alert, a cryptocurrency tracking tool, highlighted this latest development, which took place in a series of transactions over a two-hour period yesterday. The initial set of transactions involved seven fund transfers, with Ripple moving 1.1 billion XRP to three different wallets and locking up 800 million XRP in escrow.
Details of the Ripple Transactions
Significantly, in the first batch, Ripple transferred 200 million XRP to “rBg…91m,” followed by 300 million XRP to “rDd…eCK” yesterday. The company then sent 500 million XRP to “rKD…2op.” Essentially, these transactions moved 1 billion XRP to three Ripple wallets, taking place between 21:41 and 21:43 UTC yesterday.
Three minutes after the first set of movements, Ripple proceeded to lock up some of the funds in escrow. Address “rDd…eCK” locked up the 500 million XRP it received. Afterwards, wallet “rKD…2op” escrowed the 300 million XRP in its balance, bringing the total assets locked up to 800 million XRP.
Interestingly, Ripple then sent an additional 100 million XRP to address “rBg…91m” at 21:49 UTC, bringing the wallet’s balance to 300 million XRP. With this series of movements, Ripple had sent 1.1 billion to spendable wallets, but locked up 800 million XRP. This brings the spendable balance from the fund flow to 300 million XRP.
The second set of transactions involved the anticipated escrow unlocks, taking place over an hour after the first set. Ripple unlocked 500 million XRP to address “rDq…EsF” and then another 500 million XRP in two unequal movements to “rw2…3wY.”
Speculation About SEC Settlement
In total, the multiple transactions executed by Ripple saw the company lock up 800 million XRP and unlock 1 billion XRP. While these movements are typical each month, the transfer of an additional 300 million to wallets, usually leveraged for fund liquidations, has caught the attention of the investing public.
With Ripple segregating 1.3 billion XRP for possible liquidation, speculations of an imminent settlement in the SEC case have emerged. Notably, Ripple also moved 200 million XRP at the end of last month. As reported by The Crypto Basic, this fund flow also triggered speculative comments.
Significantly, the Ripple v. SEC lawsuit has entered the remedies phase. Consequently, both parties have presented arguments on the fair penalty for Ripple’s violation of securities provisions.
The U.S. SEC is seeking a disgorgement of $876 million and another $876 million in civil penalties, with $198 million in prejudgment interest. While these demands total $1.95 billion, Ripple argues that the civil penalty should not exceed $10 million. Both parties await the court’s final decision on the matter.
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