Ripple 200M XRP Transferred Before US SEC Appeal, What’s Next for the Market?
In the recent development, Ripple has executed the transfer of 200 million XRP tokens valued at approximately $109 million to an undisclosed wallet as per whale alert. The timing of this transfer is noteworthy as it precedes the next phase of Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC).
Ripple Enormous Transaction
This transfer has raised inquiries regarding Ripple’s intentions, particularly given its alignment with the SEC appeal. The impending appeal is expected to directly contest the ruling by Judge Analisa Torres, who previously granted a motion favouring Ripple, asserting that the sale of XRP through exchanges did not violate U.S. securities laws.
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Stuart Alderoty, Ripple’s Chief Legal Officer, has offered insights into potential scenarios arising from the appeal. He has suggested that the SEC’s optimal outcome could involve the case being remanded to Judge Torres. However, Alderoty has noted the SEC’s potential challenge in contesting the ruling, implying that the SEC may face difficulties in arguing against Judge Torres’s decision. Despite the ongoing legal proceedings, Ripple’s legal team remains optimistic about their position in the case.
Price Action and Market Trends
Concurrently, XRP has experienced an uptick in both derivatives and spot trading during this legal battle. Data from CoinGlass has revealed a substantial increase in XRP’s derivatives trading volume, as well as a rise in spot trading volume. The total market trading volume for both futures and spot markets has reached $2.5 billion, with the trading volume/market cap ratio standing at 8%, indicating heightened interest among traders.
Furthermore, crypto analysts have put forth varying predictions for XRP’s price movements. Amonyx, a crypto analyst, has identified a bullish pennant formation on the XRP weekly chart and anticipates a breakout that could potentially drive the price as high as $589. CoinGape has also highlighted the possibility of significant price fluctuations within the current consolidation pattern, contingent upon positive changes in Ripple’s legal status.
New Ripple Milestones and Development
Amid the substantial XRP transfer, Ripple has announced the integration of the XRP Ledger (XRPL) with MetaMask, a Web3 wallet service. This integration, facilitated by XRPL Snap, enables MetaMask users to interact with the XRP Ledger from their wallets. It allows for XRP account management, transaction signing, and engagement with XRPL-based decentralized applications (dApps).
The integration with MetaMask, which boasts 30 million monthly active users, is expected to enhance accessibility to XRP and the XRPL among developers and the retail audience. The new tool offers features such as network flexibility, security checks, and developer documentation, catering to developers seeking integration with the XRP Ledger.
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