The transfer of 1 billion XRP made by Ripple from the escrow on July 1st fits the legal phase of the process and has raised anticipation for further developments in the case of Ripple versus SEC. Over 1.3 billion XRP still locked in spendable wallets.
Ripple’s Latest Transaction of XRP Has Raised Eyebrows Amid SEC Case
Ripple made significant transactions during this period, moving around 1.1 billion XRP across various wallets and then placing 800 million XRP in an escrow within 2 hours.
In this period, Ripple gave out 200 million XRP to one wallet, 300 million XRP to another, as well as 500 million XRP to a third, while it obtained 800 million XRP in escrow in two different wallets.
Subsequently, Ripple boosted one wallet by some 300 million XRP with an extra 100 million XRP after the first several transactions, including 1.1 billion XRP is available to wallets that are easily accessible while 800 million XRP is held in escrow, and therefore 300 million XRP is still available.
SEC Spotlight on Ripple’s XRP Transactions Amid Calls for Settlement
Recent XRP complex transactions have made speculations regarding a possible SEC settlement for Ripple more rampant. That 300 million XRP was transferred to transactional wallets has created a lot of attention within the community.
These actions are indicative of the continued stage of penalties in the Ripple versus SEC case, in which both claimants and defendants have provided divergent narratives.
The SEC has recommended that there be a $1.$95 billion penalty, and Ripple argues that the civil fines have to be limited to $10 million, which leads to further legal discussions.
XRP VS SEC Case
Ripple Labs’ legal battle with the SEC has been ongoing for over three and a half years based on accusations of conducting an unregistered sale of XRP. Some of the most important 2023 rulings that are unfavorable to the SEC include the ability of Ripple to argue that its automated sales were not investment contracts.
The ongoing legal proceedings between Ripple and the SEC still raise questions on the possible penalties: thus, their positive outcome for Ripple would increase XRP prices, while the negative one – would decrease them.
