Ripple Initiates Large XRP Transactions Post Legal Setback

Ripple Labs, a leading cryptocurrency payment firm, has been seen moving millions of XRP tokens following the United States Securities and Exchange Commission’s (SEC) recent victory in a legal dispute.

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.

This comes after the payment firm experienced a legal setback in court on Monday. The SEC’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. Data from Bithomp revealed that the wallet address rBg2Fu…uJ4vt5x1o91m moved the funds to a separate wallet address rP4X2hTa7…XvPz7XZ63sKxv3. This indicates that the transaction might include the transfer of such large amounts using other wallets or companies under Ripple’s control.

Furthermore, the transfer might just be connected to Ripple’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. 

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…ZsoGMb3PEv transferred the funds to another wallet address rPfSrrKY…R7g1tYzDDJoAys.

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 “new product updates that will cover the majority of US states.”

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. 

Segovia explained that although Ripple’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’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.