Many questions have been circulating around the XRP Registry Ripple’s Escrow and the Legitimacy of Ripple’s Escrow Release. On July 1, Ripple released 1 billion XRP from escrow while retaining 1.3 billion XRP in its spendable wallets, sparking speculation about a possible settlement in the ongoing SEC case. Ripple first moved 1.1 billion XRP to new wallets and then locked 800 million XRP in escrow. They later transferred an additional 100 million XRP, leaving 300 million XRP available for future use.
Naturally, people are asking questions. Is this a sign of a potential settlement in the SEC lawsuit? What is Ripple’s end goal here?
Learn more about this exciting update.
A massive transfer that raises eyebrows
Before July 2024, the crypto community was abuzz with a massive transfer of 200 million XRP, valued at around $94.56 million, between two anonymous addresses.
Recently, Whale Alert, a leading cryptocurrency tracking resource, noted that further transactions were executed in two batches. The first batch transferred 1 billion XRP to three different wallets. Shortly after, 800 million XRP was locked in escrow again. In a second round of transactions, Ripple unlocked 500 million XRP and made further distributions, leaving 1.3 billion XRP segregated for potential liquidity purposes.
Timing and Speculation: The Link Between Ripple and Escrow?
The significant movements in XRP have sparked discussions about a possible settlement in the SEC lawsuit against Ripple, which recently entered the appeals phase. The SEC is seeking a hefty penalty of $1.95 billion, while Ripple is arguing for a much lower fine. The public and investors are speculating that these actions could indicate preparations for a settlement agreement.
Current status and market impact
The wallet receiving the 200 million XRP still contains the token without any outgoing transactions. Currently, XRP Price is $0.4819, with a 7-day change of +0.9% and a 24-hour change of +2.1%.
This substantial XRP transfer and escrow release has undoubtedly caught the attention of the crypto community, shedding light on Ripple’s activities and its potential impact on the market.
Read also: XRP July Prediction: Imminent Legal Victory May Propel Price Beyond $1