Ripple Labs is moving hundreds of millions of XRP tokens after the crypto asset sparked a 35% move to the upside this week.
According to new on-chain data from whale-surveying service Whale Alert, the payments firm suddenly moved 120,000,000 XRP, worth about $58 million at the time of its transfer, from Ripple to an unknown crypto wallet.
XRP, which is primarily used to make transactions on Ripple Labs’ network, is trading for $0.448 at time of writing, a 4.2% gain during the last 24 hours and about a 35% increase from its seven-day low of $0.372.
Earlier this month, pro-XRP attorney John Deaton said that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs for allegedly selling XRP as an unregistered security is edging toward a conclusion.
At the time, Deaton said he expected the lawsuit to end within a few weeks, and predicted that the judgment would be against the SEC. However, he cautions that the judgment may not be an outright win for Ripple either.
“I think the SEC is going to lose, but that doesn’t mean Ripple is going to get an outright win either. But I think the SEC is going to lose at summary judgment because of the theory that they went with…
Normally, when you go after a promoter, you say ‘On this particular day, you made an unregistered securities offering or sale. And that particular transaction was a security, an investment contract.’ And now they’re saying that all sales of XRP – the token itself – is a security.”
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