Ripple has transferred whopping 100 million XRP, while nearly 200 million coins were shifted in total
According to Whale Alert, a significant sum of 290.8 million XRP has transacted over the previous 12 hours thanks to the combined efforts of Ripple and other businesses, which recently enlarged the list of cryptocurrencies whose transactions it tracks. More than half of it—100,000,000 XRP—was shoveled by Ripple.
— Whale Alert (@whale_alert) October 24, 2022
Ripple Shovels 100 Million XRP as Investors Start Frantically Grabbing XRP-Oriented Products
The source above announced the transfer of 6 transactions totaling about 291 million XRP currency associated with Ripple. A startling 100 million XRP were transferred to an unknown wallet by the San Francisco-based Ripple cryptocurrency corporation, according to a tweet from Whale Alert about 12 hours ago.
The XRP-focused analytics-generating platform Bithump has disclosed some information suggesting that this money will probably soon be transferred outside the business. The one hundred million were moved to RL18-VN, one of Ripple’s reserve wallets. This address is typically used to transmit XRP to outside parties, such as banks, financial institutions, and converters, to convert it to fiat and pay for continuing expenditures at Ripple. The remaining cryptocurrency, 191 million XRP, was moved through Bittrex, Ripple’s main ODL corridor in Latin America, Bitso, and the crypto trading site Bitstamp. Internal transfers of XRP were done by Bitstamp and Bitso.
According to a recent CoinShares report, by the conclusion of the previous week, a startling $800,000 had been invested in XRP-related items. Inflows into XRP-focused goods were $700,000 per month and $9.5 million per year. As the source said, these inflows were not particularly large, but they were the largest since the SEC’s action against Ripple Labs began in December 2020.
XRP Lawsuit Will Set Precedents for Entire Crypto Industry
Ripple’s vice president of litigation thinks the outcome of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the San Francisco-based payments firm will have a huge impact on the crypto space at large. Deborah McCrimmon, Ripple’s deputy general counsel, argues in a new interview with Modern Counsel that the SEC is “reaching far beyond the authority that was granted to them by Congress” and attempting to regulate the crypto space by enforcement.
Says McCrimmon, “It’s a cutting-edge, industry-defining case. It’s going to be precedential, not just for Ripple, but for the entire crypto industry. It’s being watched by the entire industry.”
The SEC first sued Ripple in December 2020, alleging XRP was sold as an unregistered security.
McCrimmon says the SEC’s approach has been “terrible,” She calls on the regulator to release clear, industry-wide rules rather than suing businesses.
Just last week, Ripple general counsel Stuart Alderoty said the firm had finally been granted access to a set of documents related to a 2018 speech by former SEC Director William Hinman. In the speech, Hinman stated that Ethereum was not a security and thus not subject to the SEC’s jurisdiction.
The SEC had argued that the emails were protected by both deliberative process privilege and attorney-client privilege. However, the judge disagreed and mandated the regulatory agency hand them over.
Alderoty says the documents were “well worth the fight” to get.
On Friday, the SEC filed a memorandum of law opposing Ripple’s motion for summary judgment. Earlier this year, both parties filed for summary judgment when an entity asked the court to dispose of the case without a full trial, believing there were no material facts in dispute.
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