Wednesday, February 1, 2023
HomeCrypto News50M XRP Moved by Ripple as Campaign Meets Hurdle at $0.35

50M XRP Moved by Ripple as Campaign Meets Hurdle at $0.35

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The recent Ripple transaction is a portion of the 122M XRP tokens that whales have moved in the last 24 hours.

Despite the asset’s difficulty recapturing the $0.35 price threshold in its most recent campaign, Ripple recently traded 50 million XRP ($17.4 million). 

The community is witnessing essential updates on the legal dispute between Ripple and the U.S. SEC. The 50 million tokens moved by Ripple represent a portion of the 122 million+ XRP recently moved by whales.

On January 9, 22:44 (UTC), the fund was moved from Ripple by sending 50 million XRP ($17.4 million) to an unnamed wallet. 

There currently needs to be more information available regarding the receiving wallet. However, a portion of the cash, roughly 15M XRP, was transferred through two more addresses to a Bitso wallet in under two minutes.

This was the second whale transaction from Ripple in the previous two days. On Sunday at 19:59 (UTC), the American technology company reportedly transferred 100 million XRP ($34 million) to an unidentified wallet.

Two further whale moves followed the recent Ripple transaction. On January 9, 23:35 (UTC), whales deposited 40 million XRP ($13.9 million) to Bitstamp as the initial transaction

The second transaction occurred ten minutes later and comprised an internal transfer of funds worth 32.7 million XRP ($11.4 million) between two Bitso addresses.

Ripple Seeks to Make Hinman Documents Public 

The SEC’s lawsuit against Ripple has undergone significant advancements simultaneously with the most recent whale trades. 

Notably, Ripple has asked Judge Torres to reject the financial regulator’s request to keep records of Hinman’s infamous statement secret.

In a concerted effort to keep the materials secret, the SEC had advanced several defenses. 

The most recent attempt was in their omnibus motion from last month, in which it claimed that the court’s decision regarding the summary judgment was unaffected by the papers of the speech.

In contrast, Ripple recently filed a motion to refute these allegations, claiming that the records were essential to its request for summary judgment and would be relevant to the court’s upcoming ruling.

Amid these developments, XRP has hit a snag in its attempt to retake $0.35, and the market as a whole has also experienced a collective rejection. Hence, the asset’s loss of momentum is not specific to it.

Yesterday, XRP surged to a high of $0.3576 before losing momentum and falling to $0.3437 before somewhat recovering. 

As of the time of publication, the price of XRP has not changed over the previous 24 hours and was trading at $0.3488.

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