- Ripple unlocked 1 billion XRP from its escrow account on September 1, raising concerns among XRP holders.
- Pro-crypto attorney Fred Rispoli asked securities lawyers whether. SEC would pay $125 million and statutory interest to Ripple if appeal fails.
- XRP dips to $0.55, erases 1.70{3da602ca2e5ba97d747a870ebcce8c95d74f6ad8c291505a4dfd45401c18df38} value on Sunday.
Ripple unlocked a large volume of XRP tokens on September 1. The transfer was tracked by Whale Alerts and XRP traders pondered on the impact of the large volume unlock.
XRP is currently faced with mounting selling pressure and slipped to $0.55 on Sunday.
What if SEC loses their appeal in Ripple lawsuit
Pro-crypto attorney Fred Rispoli asked a key question to securities lawyers in a recent tweet on X. Rispoli asked whether the SEC would have to pay back the payment remittance firm’s $125 million fine alongwith statutory interest.
It remains unclear whether the regulator will choose to appeal the ruling in the lawsuit. In the final ruling, Judge Analisa Torres upheld the ruling on XRP’s security status.
On the odds of an #SECvsRipple appeal, can any securities lawyers answer this question for me:
If there is an appeal and if @ripple wins on every issue over the SEC, aside from returning the $125M penalty to Ripple, does the SEC have to pay statutory interest on that?
— Fred Rispoli (@freddyriz) August 26, 2024
Ripple’s 1 billion XRP unlock
Ripple released 1 billion XRP tokens through its escrow process. The transaction took place in three phases, 500 million, 200 million and 300 million XRP tokens were released. XRP price erased nearly 1.70{3da602ca2e5ba97d747a870ebcce8c95d74f6ad8c291505a4dfd45401c18df38} of its value as traders digested the news of the transfers.
On-chain data shows Ripple’s active addresses climbed nearly 17{3da602ca2e5ba97d747a870ebcce8c95d74f6ad8c291505a4dfd45401c18df38} in a single day on September 1. When combined with the decline in exchange supply, it implies active addresses moved XRP off exchange wallets. This supports a bullish thesis for the altcoin.
XRP supply on exchanges and active addresses
At the time of writing, XRP trades at $0.55.
