Ripple Moves 100 Million XRP Amid Regulatory Supervision

JAKARTA - Ripple, a company known for its XRP cryptocurrency, reportedly transferred 100 million XRP tokens worth about 57.9 million US Dollars (Rp872 billion) to an anonymous wallet on September 18, 2024. This major transaction comes amid growing regulatory oversight that befell the company, adding to uncertainty in the already volatile crypto market.

According to Whale Alert, a platform that tracks large-scale crypto asset movements, this transaction comes from addresses associated with Ripple. Not long after the initial transfer, around 19,957 million XRP were transferred to other Ripple wallets. The funds were then distributed to several exchanges, with the largest number 19.7 million XRP' being sent to the Bitso crypto exchange, while 257,000 XRP was transferred to Bitstamp.

This massive XRP move occurred when Ripple was still battling a lawsuit from the United States Securities and Exchange Commission (SEC). The lawsuit, filed in December 2020, accuses Ripple of selling unlisted securities worth more than 1.3 billion US Dollars (Rp19.5 trillion) through XRP tokens. Currently, Ripple is preparing to face an important deadline on October 6, where an appeal-related decision will be made.

Reporting from Crypto News, Ripple has also been granted permission to delay payments of 125 million US Dollars (Rp1.8 trillion) and keep the funds in a trust account until these legal issues are resolved. Some analysts suspect that this XRP transfer could be part of Ripple's legal strategy, which may be related to the planned release of the funds that are still being held back. Meanwhile, some are concerned about the potential for massive sales, given that part of the XRP transferred ended up on the crypto exchange.

Interestingly, after this large transaction, the price of XRP has increased slightly. XRP is trading at a price of 0.5863 US Dollars (Rp8,838), recording an 8.40% increase compared to its lowest level last week. Trading volume also jumped 29.93%, reaching 1.31 billion US Dollars (Rp19.7 trillion) in the last 24 hours, indicating investor interest in XRP is increasing.

Ripple's legal case is now in the spotlight in the market, as the outcome of this lawsuit has the potential to have a major impact on the future of companies and the crypto market as a whole. Many market players are closely following this development, given the final decision in this case could affect regulation and adoption of other crypto assets.