{"id":573554,"date":"2024-02-06T12:00:37","date_gmt":"2024-02-06T12:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=573554"},"modified":"2024-06-11T08:33:08","modified_gmt":"2024-06-11T08:33:08","slug":"ripple-initiates-large-xrp-transactions-post-legal-setback","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/ripple-initiates-large-xrp-transactions-post-legal-setback\/","title":{"rendered":"Ripple Initiates Large XRP Transactions Post Legal Setback"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/analysis\/xrp\/ripple-locks-away-800-million-xrp-in-escrow-impact-on-price\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Ripple Labs<\/span><\/a><span style=\"font-weight: 400\">, a leading cryptocurrency payment firm, has been seen moving millions of XRP tokens following the United States Securities and Exchange Commission&#8217;s (SEC) recent victory in a <\/span><a href=\"https:\/\/wncen.com\/news\/ripple\/ripple-vs-sec-epic-battle-unfolds-over-770m-disgorgement-demand\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">legal dispute<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Ripple Moves Millions Of XRP As Price Holds Steady<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to a recent report, Ripple Labs moved a whopping 120 million XRP tokens valued at about $60.8 million. The move has caused quite a stir within the XRP community and heightened sell-off anxiety in the face of increased market volatility.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-highest-whale-accumulation\/\" target=\"_blank\" rel=\"noopener \">XRP Records Highest Single Day Whale Accumulation Since Ripple\u2019s Partial Victory Over SEC<\/a><\/div>\n<p><span style=\"font-weight: 400\">This comes after the payment firm experienced a legal setback in court on Monday. The SEC&#8217;s motion to force Ripple to provide its financial statements for XRP was granted by the Southern US District Court of New York.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It was reported by Bithomp that the aforementioned funds were <\/span><a href=\"https:\/\/bithomp.com\/explorer\/DEF8DD1006F4B2BDDE8FB003FF3A065FD9DDCAA8319C0D295026F150612D479D\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">transferred<\/span><\/a><span style=\"font-weight: 400\"> to a Ripple-related wallet that was used for massive transfers.\u00a0<\/span><span style=\"font-weight: 400\">Data from Bithomp revealed that the wallet address rBg2Fu&#8230;uJ4vt5x1o91m moved the funds to a separate wallet address rP4X2hTa7&#8230;XvPz7XZ63sKxv3. <\/span><span style=\"font-weight: 400\">This indicates that the transaction might include the transfer of such large amounts using other wallets or companies under Ripple&#8217;s control.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, the transfer might just be connected to Ripple&#8217;s payment services. As a result, it will allow banks to utilize XRP to send funds across borders almost instantly and for a minimal cost.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is noteworthy that the address that received the funds has transferred a notable portion of the XRP tokens. However, the address still contains about 90 million XRP valued at approximately $45 million.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bithomp also <\/span><a href=\"https:\/\/bithomp.com\/explorer\/09AC8AB06C34B9AD527573CF3919A5D1E5B6C89B96F50E63C36087064E39F8BF\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">reported<\/span><\/a><span style=\"font-weight: 400\"> that the firm was seen moving about 53.75 million XRP tokens valued at about $27.5 million. Data from the on-chain platform shows that the wallet address rKveEy&#8230;ZsoGMb3PEv transferred the funds to another wallet address rPfSrrKY&#8230;R7g1tYzDDJoAys.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Payment Firm Brings XRP To The US Market<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Ripple has <\/span><a href=\"https:\/\/www.linkedin.com\/posts\/oliversegovia_were-excited-to-wrap-up-january-with-fresh-activity-71091840-i_FC\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">announced<\/span><\/a><span style=\"font-weight: 400\"> its plan to transform international payments in the US with XRP and its payment services. According to the firm, they will be introducing &#8220;new product updates that will cover the majority of US states.&#8221;<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/ripple-2\/ripple-ipo-wall-street-2000\/\" target=\"_blank\" rel=\"noopener \">Ripple IPO: Wall Street Veteran Explains Why Shares Could Surge 2000% Before Public Listing<\/a><\/div>\n<p><span style=\"font-weight: 400\">These fresh products are going to be powered by its Money Transmitter Licenses (MTLs). Initially, Oliver Segovia, Senior Director and Head of Product Marketing for Payments at Ripple, shared the announcement on Linkedin.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Segovia explained that although Ripple&#8217;s global headquarters is located in the US, 90% of its businesses serve organizations outside. Specifically, he acknowledges that for the last three years, the firm has remained somewhat quiet in the US market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite these developments, <\/span><a href=\"https:\/\/wncen.com\/news\/xrp-price-retreats-to-0-50-as-whale-unloads-30-million-tokens-details\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">XRP&#8217;s price<\/span><\/a><span style=\"font-weight: 400\"> has still been down by 5.42% in the past week, holding steady at $0.50. Interestingly, its trading volume has increased by over 25% in the past 24 hours.<\/span><\/p>\n<figure style=\"width: 2273px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/s6DkpElQ\/\" alt=\"Ripple\" width=\"2273\" height=\"1351\"><figcaption class=\"wp-caption-text\">XRP trading at $0.5039 on the 1D chart | Source: XRPUSDT on <a href=\"https:\/\/www.tradingview.com\/x\/s6DkpElQ\/\" rel=\"nofollow\">Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, chart by Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ripple Labs, a leading cryptocurrency payment firm, has been seen moving millions of XRP tokens following the United States Securities and Exchange Commission&#8217;s (SEC) recent victory in a legal dispute. Ripple Moves Millions Of XRP As Price Holds Steady According to a recent report, Ripple Labs moved a whopping 120 million XRP tokens valued at about $60.8 million. The move has caused quite a stir within the XRP community and heightened sell-off anxiety in the face of increased market volatility. Related Reading: XRP Records Highest Single Day Whale Accumulation Since Ripple\u2019s Partial Victory Over SEC This comes after the payment firm experienced a legal setback in court on Monday. The SEC&#8217;s motion to force Ripple to provide its financial statements for XRP was granted by the Southern US District Court of New York. It was reported by Bithomp that the aforementioned funds were transferred to a Ripple-related wallet that was used for massive transfers.\u00a0Data from Bithomp revealed that the wallet address rBg2Fu&#8230;uJ4vt5x1o91m moved the funds to a separate wallet address rP4X2hTa7&#8230;XvPz7XZ63sKxv3. This indicates that the transaction might include the transfer of such large amounts using other wallets or companies under Ripple&#8217;s control. Furthermore, the transfer might just be connected to Ripple&#8217;s payment services. As a result, it will allow banks to utilize XRP to send funds across borders almost instantly and for a minimal cost.\u00a0 It is noteworthy that the address that received the funds has transferred a notable portion of the XRP tokens. However, the address still contains about 90 million XRP valued at approximately $45 million. Bithomp also reported that the firm was seen moving about 53.75 million XRP tokens valued at about $27.5 million. Data from the on-chain platform shows that the wallet address rKveEy&#8230;ZsoGMb3PEv transferred the funds to another wallet address rPfSrrKY&#8230;R7g1tYzDDJoAys. The Payment Firm Brings XRP To The US Market Ripple has announced its plan to transform international payments in the US with XRP and its payment services. According to the firm, they will be introducing &#8220;new product updates that will cover the majority of US states.&#8221; Related Reading: Ripple IPO: Wall Street Veteran Explains Why Shares Could Surge 2000% Before Public Listing These fresh products are going to be powered by its Money Transmitter Licenses (MTLs). Initially, Oliver Segovia, Senior Director and Head of Product Marketing for Payments at Ripple, shared the announcement on Linkedin.\u00a0 Segovia explained that although Ripple&#8217;s global headquarters is located in the US, 90% of its businesses serve organizations outside. Specifically, he acknowledges that for the last three years, the firm has remained somewhat quiet in the US market. Despite these developments, XRP&#8217;s price has still been down by 5.42% in the past week, holding steady at $0.50. Interestingly, its trading volume has increased by over 25% in the past 24 hours. Featured image from iStock, chart by Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":573555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[91557,91558,91559,91561,3680,3685,3799,6759,91560,4531,10972,78763],"class_list":["post-573554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-bithomp","tag-money-transmitter-licenses","tag-mtls","tag-oliver-segovia","tag-ripple","tag-ripple-labs","tag-sec","tag-securities-and-exchange-commission","tag-southern-us-district-court-of-new-york","tag-xrp","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\n<title>Ripple Initiates Large XRP Transactions Post Legal Setback<\/title>\n<meta name=\"description\" content=\"Ripple Labs, has been seen moving millions of XRP tokens following the US SEC 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