In the latest cryptocurrency news, Whale Alert, a prominent crypto data tracker, reported on Monday that a total of 89 million XRP was transferred in two separate transactions. The largest portion of this, 60 million XRP with a value of $30,985,299, was moved by Ripple to an anonymous wallet. This transfer is speculated to be an over-the-counter (OTC) transaction, which is typically conducted outside of a conventional crypto exchange.
A second transaction saw 29 million XRP, valued at $15,042,010, moved to the Bitstamp crypto exchange from another anonymous wallet. These transfers could be for various purposes such as selling, staking, or airdrops - common practices in the cryptocurrency market.
Meanwhile, the digital currency XRP experienced a slight drop in its value on Monday. The crypto asset's price decreased by 2.26% to $0.509. Ripple payments, previously referred to as ODL (On-Demand Liquidity), utilize XRP for cross-border transactions.
In parallel with these developments, Ripple continues its legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC's interlocutory appeal was recently denied in the ongoing case. Jeremy Hogan, an attorney who supports Ripple's position, discussed potential lawsuit outcomes. These could include trials against individuals or settlements and final judgments against Ripple itself.
Hogan also suggested that the lawsuit might extend into 2026. However, he predicted a possible settlement date as early as Dec. 21, 2023. As the case unfolds and the digital currency market continues to fluctuate, all eyes remain on Ripple and its digital asset XRP.
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