Ripple’s recent XRP movements suggest preparations for a potential settlement with the SEC. Speculations have surfaced regarding Ripple’s next steps as they retain 1.3 billion XRP in their wallets.
On July 1, Ripple unlocked 1 billion XRP from escrow, keeping 1.3 billion XRP in their spendable wallets. This move has sparked rumors of a possible settlement in the ongoing SEC dispute. Initially, 1.1 billion XRP was transferred to new wallets, with 800 million XRP being locked back into escrow. Subsequently, another 100 million XRP was moved, leaving 300 million XRP available for future use.
The crypto community was abuzz with a significant 200 million XRP transaction worth over $100 million between two unidentified accounts. Whale Alert, a prominent crypto-tracking tool, reported additional transactions in two waves. The first wave involved moving one billion XRP to three different wallets, followed by 800 million XRP being locked back in escrow. Ripple then freed 500 million XRP and distributed it in the second wave of transactions, while keeping 1.3 billion XRP separate for liquidity needs.
These notable XRP fluctuations have raised speculations about a potential settlement in the SEC vs. Ripple lawsuit, which is currently in the remedies phase. While Ripple is pushing for a smaller penalty, the SEC is seeking a hefty $1.95 billion fine. Market observers interpret these actions as signs of readiness for a settlement agreement.
With a 0.96% increase in the past 24 hours, XRP’s price stands at $0.4856 according to CoinMarketCap. This price movement may reflect the market’s anticipation of a favorable outcome for Ripple. Previously, Ripple’s victory in establishing XRP as a non-security asset was highlighted as a significant development.