Ripple moved 100 million XRP to unidentified wallet, prompting market surge

Rick Steves

The anonymous recipient’s recurrent involvement raises intriguing questions about Ripple’s extended network.

Whale Alert has disclosed the transfer of 100,000,000 XRP (valued at 56,348,748 USD) from Ripple to an unidentified wallet.

Notably, the recipient, though reportedly unrelated to Ripple, has consistently received XRP from the company, accumulating over 112 million XRP since activation on October 2 of the previous year.

This transaction catalyzed a 5% surge in the XRP market, peaking at an impressive $0.582 before retracting to pre-surge levels within hours. The anonymous recipient’s recurrent involvement raises intriguing questions about Ripple’s extended network.

XRP not a security for retail buyers

Ripple Labs still grapples with legal challenges from the SEC. The Securities and Exchange Commission (SEC) has been a prominent adversary, raising concerns about XRP’s classification as a security. The court, however, sided with Ripple when it comes to XRP held by retail buyers.

The landmark decision on July 13 saw U.S. District Judge Analisa Torres ruling that Ripple Labs Inc. did not violate federal securities law by selling its XRP token on public exchanges. Judge Torres’ decision acknowledged a partial victory for the SEC, affirming that Ripple violated federal securities law by selling XRP directly to sophisticated investors.

The SEC’s case against Ripple centered on allegations of a $1.3 billion unregistered securities offering through XRP sales. The judge’s determination hinged on the classification of XRP sales on public exchanges as not constituting securities offerings, as buyers did not have a reasonable expectation of profit tied to Ripple’s efforts. However, the SEC secured a partial win regarding Ripple’s sales to sophisticated buyers.

3 years since SEC v. Ripple lawsuit

On the 3rd anniversary of the SEC v. Ripple case, Stuart Alderoty, Ripple Labs’ Chief Legal Officer, didn’t mince words on X as he vented frustration over the lawsuit saga. He said that three years ago, the SEC pitched a settlement, proposing to brand XRP as a security and giving the market a mere window to “comply.” Ripple flatly refused, standing firm on two points: XRP is not a security, and the SEC lacked a coherent crypto compliance framework.

Alderoty made it clear that beyond any current attempts to spin the narrative by figures like Clayton, Hinman, or Gensler, the core battle was always about proving that XRP isn’t inherently a security. Ripple gambled everything, and against the odds, emerged victorious.

In Alderoty’s words, they exposed the SEC as a hypocritical tyrant, calling out the regulator for the toll the legal battle took on time and money. Looking forward to 2024, Alderoty affirmed a defiant spirit, signaling Ripple’s determination to continue the fight in the ever-evolving U.S. crypto landscape.

“Before the SEC sued Ripple, Chris and Brad (3 yrs ago today) they offered us the following settlement: the SEC would announce to the market that XRP is a security and the market would be given a short window to “come into compliance.” We said no because: (1) XRP is not a security; and (2) the SEC never built a framework for crypto compliance. No matter the spin that Clayton, Hinman, Gensler or anyone else puts on this case now, it was always about one thing – – proving that XRP is not, in and of itself, a security. We put everything on the line. Few thought we would win. But we did. In the process we exposed the SEC for the hypocritical tyrant it is and the industry in the U.S. lived to fight another day. Onward to 2024.”

XRP lawsuit’s final judgment in July?

The SEC v. Ripple lawsuit is approaching the end. The United States District Court for the Southern District of New York has scheduled the completion of the remedies-related discovery by February 12, 2024.

By March 13, the SEC is expected to file its brief with respect to remedies, and Ripple Labs will do the same by April 12, with a possible plaintiff reply by April 29, thus ending the final briefs.

According to Jeremy Hogan, an attorney close to the XRP community, such scheduling of the final briefs, by April, would suggest that the final judgment will take place in July.

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