Ripple Transfers 200 Million XRP Tokens to Unknown Wallet Ahead of US SEC Appeal

Ripple has moved 200 million XRP tokens worth about $109 million to an unknown wallet. This is notable especially at this time as it happens ahead of the next phase in Ripple's legal case against the U.S. Securities and Exchange Commission (SEC).

Cryptocurrency platform Ripple has shifted 200 million XRP tokens, valued at approximately $109 million, to an unidentified wallet, according to data from XRP Scan. This large-scale XRP transfer has sparked curiosity within the crypto community, especially considering its timing ahead of the next phase in Ripple’s legal battle against the U.S. Securities and Exchange Commission (SEC).

A Baltimore court will hear the next stage of Ripple’s appeal against the SEC on 24th March. The SEC alleges that Ripple's XRP sales, to the tune of $1.3 billion, over a seven-year period starting in 2013, were part of an offering of unregistered securities.

However, both Ripple and XRP holders, known as the "friends of the court," argue that the sales were secondary transactions, exempt from registration under Section 4(a)(1) of the Securities Act.

The SEC vs. Ripple case has been ongoing for over two years, with both parties presenting their arguments and evidence to the court. The upcoming hearing will be crucial in determining the next steps in the legal proceedings.

Meanwhile, XRP's derivatives trading volume surged by more than 130%, while spot trading volume increased by 108%, compared to the previous day, according to data from CoinGlass.

In total, XRP's derivatives and spot trading volume reached $2.5 billion, with a trading volume/market cap ratio of 8%, indicating traders' heightened interest in the asset.

Several crypto analysts have shared their predictions for XRP's price movement, with some expecting a bullish breakout and others anticipating consolidation.

Crypto analyst Amonyx identifies a bullish pennant on the XRP weekly chart, anticipating a breakout that could propel the price to $589.

As noted by CoinGape, the current consolidation within the pattern, coupled with the overall market sentiment, could lead to significant price fluctuations if there are positive developments in Ripple's legal status.

In another development, Ripple announced the integration of the XRP Ledger (XRPL) with MetaMask, a Web3 wallet service, during the massive XRP transfer.

With the XRPL Snap integration, MetaMask users can now interact with the XRP Ledger directly from their wallets.

This integration includes XRP account management, transaction signing, and interaction with XRPL-based decentralized applications (dApps).

The integration will also introduce the XRP Ledger to MetaMask's 30 million monthly active users, making XRP and the XRPL more accessible to developers and retail audiences.

A new tool, the XRPL Snap, is also being launched to provide network flexibility, security checks, and developer documentation for those looking to integrate with the XRP Ledger.

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