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Home»BITCOIN NEWS»Ripple begins large-scale XRP trading after legal setback
BITCOIN NEWS

Ripple begins large-scale XRP trading after legal setback

By Crypto FlexsFebruary 6, 20243 Mins Read
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Ripple begins large-scale XRP trading after legal setback
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Ripple LabsLeading cryptocurrency payments company has been seen moving millions of XRP tokens following a recent victory from the U.S. Securities and Exchange Commission (SEC). legal dispute.

Ripple moves millions of XRP as price remains stable.

According to a recent report, Ripple Labs moved 120 million XRP tokens worth about $60.8 million. The move caused quite a stir within the XRP community and heightened anxiety over a sell-off as market volatility increased.

This comes after the payments company suffered a legal setback in court on Monday. The SEC’s motion to compel Ripple to provide financial statements for XRP was granted by the U.S. District Court for the Southern District of New York.

Bithomp reported that the aforementioned funds are: transferred To Ripple-related wallets that were used for large-scale transfers. According to data from Bithomp, the wallet address rBg2Fu… uJ4vt5x1o91m has a separate wallet address rP4X2hTa7… It turns out that the funds were moved to XvPz7XZ63sKxv3. This indicates that the transaction may involve large transfers using other wallets or companies under Ripple’s control.

Transfers can also be linked to Ripple’s payment services. As a result, banks can leverage XRP to send funds across borders almost instantly and at minimal cost.

It is worth noting that the address that received the funds also transferred a significant portion of the XRP tokens. However, the address still contains approximately 90 million XRP, worth approximately $45 million.

Bithumb too reported The company was found to have moved about 53.75 million XRP tokens worth about $27.5 million. According to data from the on-chain platform, the wallet address rKveEy… ZsoGMb3PEv transfers funds to another wallet address rPfSrrKY… It turns out that the transfer was made to R7g1tYzDDJoAys.

Payments company launches XRP into US market

Ripple is presentation We plan to transform international payments in the United States through XRP and payment services. According to the company, they are introducing “a new product update that will cover most US states.”

These new products are powered by the Money Transmitter License (MTL). Initially, Oliver Segovia, senior director and head of payments product marketing at Ripple, shared the announcement on Linkedin.

Segovia explained that although Ripple’s global headquarters is in the United States, 90% of its business provides services to external organizations. In particular, he acknowledged that the company has been somewhat quiet in the U.S. market over the past three years.

Despite these developments, Price of XRP Last week, it still fell 5.42% and remains at $0.50. Interestingly, trading volume has increased by more than 25% in the last 24 hours.

XRP trading at $0.5039 on 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from iStock, Chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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