Ripple, amid speculation of nearing a settlement with the SEC, recently transferred 150 million XRP to an undisclosed wallet. This move coincided with rumors surrounding an upcoming SEC meeting on July 18 in Washington DC, focusing on potential settlements and legal resolutions.
As a result of these developments and optimistic sentiments within the crypto community regarding a potential resolution to the long-standing SEC lawsuit concerning XRP sales, the cryptocurrency surged over 40% on its weekly chart and more than 12% in the past 24 hours.
XRP price action in 2024. Source:Crypto News (CoinGape)
However, the transfer of 150 million XRP, valued at $87.5 million, appears to be part of Ripple's routine monthly escrow sell-offs. Previous similar transactions occurred on July 9, typically contributing to supply inflation and exerting downward pressure on XRP's price.
Despite expectations, XRP, currently ranked sixth by market capitalization in the crypto space, defied the norm by climbing 12.53% in the last 24 hours. Over the past week, it has surged by 38.95%, and on a monthly basis, it has risen by 23.62%, reaching a price of $0.61171 as of July 17.
XRP price 7-day chart. Source:Finbold
Ripple implemented an escrow system in 2017 to manage the release of XRP on the XRP Ledger. This involved unlocking one billion XRP monthly over 55 months, with provisions to re-escrow unused tokens, thereby extending the distribution timeline.
While Ripple and XRP news can influence token prices, the volatile nature of the crypto market underscores the importance of conducting thorough research, especially before making significant investments.
Former SEC lawyer denies Ripple settlement talks amid speculation. XRP price rallies ahead of legal rulings, showing bullish indicators with increased trading volume and optimism from pro-XRP figures.
Huang BoExpert hints at potential end to Ripple-SEC legal battle, citing key indicators and speculation of settlement. Confirmation awaits official statements.
Xu LinRipple's Singapore arm settles a $15 million legal dispute with GCC Exchange in a confidential agreement. The resolution ends the lawsuit filed in July 2022, with no admission of liability from either party.
Xu LinCoinList pays $1.2M to settle US claims of processing sanctioned Crimea transactions, while enhancing compliance measures.
Huang BoKomisi Perdagangan Berjangka Komoditas AS (CFTC) melanjutkan tindakan penegakan hukumnya di bidang mata uang kripto, dengan mengumumkan penyelesaian dengan perusahaan-perusahaan DeFi terkemuka dalam siaran pers pada 7 September.
Edmund$MEME adalah token yang diluncurkan oleh Memeland, sebuah proyek Web3 yang dibangun oleh anggota situs web meme populer, 9GAG.
AaronMenurut Marc Fagel, seorang veteran SEC dan mantan Direktur, keputusan dalam kasus antara SEC dan Ripple mungkin akan datang dalam beberapa hari.
cryptopotatoPengacara John Deaton telah menerbitkan ramalannya untuk tahun 2023 di Twitter.
BitcoinistPendiri Cardano, Charles Hoskinson, telah membuat klaim eksplosif tentang perselisihan hukum antara Ripple Labs dan Komisi Sekuritas dan Bursa AS (SEC).
BitcoinistHidup kita seringkali lebih ditentukan oleh identitas digital kita daripada identitas fisik kita.
Cointelegraph