An address associated with Ripple Labs has transferred $457 million XRP to an unknown wallet in a potential market-shifting move. While the movement has piqued the curiosity of analysts, there is speculation that it is connected to an SEC settlement.
Ripple Moves A Hefty XRP Volume To Unknown Wallet
According to Whale Alert, a Ripple-associated address has transferred a sizable amount of XRP to an unknown wallet. According to the post on X, Ripple sent 200 million XRP worth $457.5 million to a new address. A closer look at the unknown wallet reveals no previous interaction with Ripple, sparking a spectrum of reactions.
Without an official statement, experts are theorizing that the move is an attempt by Ripple to provide liquidity for its institutional partners. Others say the XRP will be used for liquidity purposes on cryptocurrency exchanges.
Furthermore, a cross-section of analysts are interpreting the transfers as merely internal restructuring between wallets controlled by Ripple.
Although the purpose of the transfers is unknown, liquidity use cases are an indicator of bullishness. On the other hand, internal restructuring reasons will have little impact on prices.
Investors have their eyes peeled on potential market movers after CME Group predicts that the Feds will not adopt a hawkish stance toward monetary policy.
A US SEC Settlement May Be Around The Corner
There is significant chatter about a potential settlement between Ripple and the US SEC in the coming days. Legal expert Fred Rispoli argues that resolving the XRP lawsuit can be a walk in the park for both parties.
The biggest hurdle appears to be an injunction order against Ripple by Judge Torres with Rispoli providing a way to sidestep the judgment. Rispoli says parties can jointly file a motion seeking to vacate the judgment, describing it as the “cleanest way” for a dismissal.
Eleanor Terrett revealed on X that the XRP SEC case is inching toward a resolution in the near future. Terrett disclosed that Ripple’s legal team is pushing for favorable terms over a ruling that imposed a $125 million fine and an injunction preventing the institutional sale of XRP.
The post Ripple Moves $457 Million XRP Amid Potential US SEC Settlement appeared first on CoinGape.
