Ripple distributed 500 million XRP from a vault of 2 consecutive operations. The first deal struck out $123.63 million by shifting the 200 million XRP, while the second deal resulted in around $183.89 million by creating a new 200 million XRP. On the other hand, it is quite curious that Ripple always does them once each month’s first day.
Numerous commentators have contemplated the meaning behind this timing lag and the potential connection with the SEC legal case saga, where Ripple is the main defendant. While decreasing the supply of XRP, the public is wondering why they are doing it now and might bring other issues too.
Various approaches explain why Ripple is engaging in these strange deals. Some people in the community think that Ripple should save funds for legal costs because the company is fighting a lawsuit with the SEC. Others, however, are rather optimistic and propose that the company may be preparing for a possible settlement with the regulatory body.
Fueling the speculation, a social media user @TheJNelsonWay shared a document suggesting a deal between Ripple and the SEC was close. The document indicates these discussions may occur before an April 16, 2024, pretrial conference. This aligns with closed-door talks at the SEC last April 11, spurring community discussions about whether the agency is considering the matter.
The ramifications & impact Of The XRP unlock
The latest XRP release increases the circulating XRP supply and influences market dynamics and investor sentiment towards Ripple. With 1 billion coins released in April alone, the market closely watches Ripple’s actions.
These factors could greatly impact Ripple’s legal battles against the SEC. Market observers and crypto stakeholders closely monitor Ripple because its actions may influence how similar future cases are handled. The verdict of the SEC lawsuit, especially if it settles, could impact the regulation of various other cryptocurrencies and blockchain technologies.
Related Reading | XRP Ledger Unveils Decentralized On-Chain Lending Protocol
Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
Comments (No)