Ripple Continues XRP Sales Amid SEC’s Appeal: A Look at Recent Transactions

Ripple Sells Millions of XRP Amid SEC Appeal Opposition.

Whale Alert, the popular blockchain tracking platform, has reported multiple significant XRP transactions recently. Ripple, the San Francisco-based fintech firm, has been particularly active, selling 88,800,000 XRP worth approximately $44.5 million over the past week.

These transactions were broken down into three separate transfers:

  • 29,500,000 XRP on Sept. 5
  • 29,600,000 XRP on Sept. 4
  • 29,600,000 XRP on Sept. 3

All of these transfers were directed to the major Bitstamp exchange.

Interestingly, these sales occurred shortly after Ripple Labs opposed the U.S. Securities and Exchange Commission (SEC)’s request for an appeal. The SEC had taken issue with a recent decision by Judge Analisa Torres. Judge Torres ruled that Ripple’s XRP sales on secondary markets do not classify as security sales. This is in contrast to XRP sales to financial institutions, which the SEC views differently.

Apart from Ripple’s actions, Whale Alert also identified a massive transfer of 424,872,287 XRP, equivalent to over $213 million. This marks another in a series of similar high-value transfers in recent weeks. The origins of these vast transactions, involving sums close to half a billion XRP tokens each, remain enigmatic. Both Whale Alert and the XRP-centric analytics platform, Bithomp, have labeled the source wallets as “unknown.

These enormous transfers began appearing after Ripple’s latest legal victory against the SEC. The regulator has since appealed against this decision. The increase in activity might indicate a renewed investor interest in XRP, the cryptocurrency closely associated with Ripple.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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