Crypto data tracker Whale Alert reports that millions of XRP shifted in recent hours. In total, 89 million XRP were transferred to new destinations.
According to Whale Alert, Ripple transferred 60 million XRP worth $30,985,299 to an unnamed wallet. An unknown wallet also transferred 29 million XRP to Bitstamp. In monetary terms, the 29 million XRP moved the equal of $15,042,010.
Bearing the destination in mind, there are several reasons why tokens get shifted. The move that saw 60 million XRP transferred by Ripple could be an OTC transaction that occurs outside of a crypto exchange.
It should be noted that Ripple's ODL, now presented as "Ripple payments," utilizes XRP as a bridge currency to enable cross-border transfers.
The shift of 29 million XRP to the Bitstamp crypto exchange offers various possibilities; the first might be to sell. Others include stake or airdrop purposes. The exact reason for the token shift in both instances remains unknown.
XRP was down 2.26% in the last 24 hours to $0.509 at the time of writing.
New possibilities emerge in Ripple-SEC case
The SEC was dealt a setback in the Ripple case when its request for an interlocutory appeal was denied. In light of this, pro-Ripple attorney Jeremy Hogan outlines the lawsuit's options and anticipated timeline.
According to Hogan, the first possibility is that the SEC might proceed with a trial against the individual defendants next April, which has a 39.456% likelihood. If the SEC proceeds to trial, an appeal of the case may not be filed until 2025, which means an appellate judgment would most likely not be issued until 2026.
The SEC could settle the lawsuit against the individual defendants, proceed with getting a final judgment against Ripple and then appeal, which has a 32.113% chance of success.
The third scenario is that th SEC settles all lawsuits against Ripple and the individual defendants, which has an 18.987% chance of occurring, with a predicted date of Dec. 21, 2023.