XRP whales emerge after Ripple IPO rumors resurface
- XRP community has renewed Ripple IPO rumors that coincided with an XRP whale transaction.
- The XRP whale moved 409 million XRP tokens on October 17.
- Ripple's potential IPO largely depends on its trial with the SEC.
The XRP community is abuzz with speculation as Ripple's IPO rumors have resurfaced. Meanwhile, a multi-million-dollar XRP whale transaction coincides with renewed discussions about the company's potential initial public offering (IPO).
XRP whale moves $200 million
On Tuesday, an XRP whale made a move by transferring 409 million XRP tokens to an undisclosed but recently activated new wallet. The transaction, flagged by Whale Alert, occurred on October 17 and was sent from Dutch cryptocurrency exchange Bitvavo. It included a transaction fee of 20 XRP, equivalent to approximately $9.84 USD.
The transaction suggests that an existing XRP whale moved the funds to a new wallet or that it was a new investor altogether. Investors are getting active in the market with CoinShares recording $0.42 million in inflows last week. As per the report, it marks the 25th consecutive week of positive investment flow into XRP in 2023, reflecting investor confidence.
The development follows the resurgence of IPO rumors, sparking curiosity among the XRP community.
Is Ripple IPO ready?
Speculation about Ripple's IPO swirled after crypto influencer Alex Cobb raised the question in a recent tweet. Cobb pointed to the fact that Ripple is currently in the process of hiring a Shareholder Communications Senior Manager, a role crucial for a company preparing for a listing.
This resurgence of IPO discussions go back to 2018, years before the legal battle with the SEC started. In May 2022, CEO Brad Garlinghouse told CNBC in an interview that the company intends to explore the possibility of going public once it successfully concludes its ongoing lawsuit with the US Securities & Exchange Commission (SEC).
The SEC's lawsuit has been ongoing for nearly four years and primarily alleges securities law violations and the illegal offering of XRP by the company and its top executives.
In July, federal judge Analisa Torres delivered a partial victory to Ripple. Judge Torres ruled that Ripple's XRP sales did not constitute an offer of investment contracts, providing some relief for the company.
The SEC's lawsuit is now poised for trial proceedings, which are likely scheduled to take place throughout the months of April, May and June 2024. The outcome of this trial will likely play a crucial role in determining whether Ripple will indeed proceed with its long-anticipated IPO.
NEW: The @SECGov has provided Judge Torres with dates they are available and unavailable for trial in the second quarter of 2024. pic.twitter.com/44ipW54QpF
— Eleanor Terrett (@EleanorTerrett) August 23, 2023
Author
Shraddha Sharma
FXStreet
With an educational background in Investment Banking and Finance, Shraddha has about four years of experience as a financial journalist, covering business, markets, and cryptocurrencies.
