Ripple Latest XRP Unlock Stirs Debate of Potential Settlement in SEC Lawsuit – The Crypto Basic

Ripple recently unlocked 500 million XRP from escrow, leading members of the crypto community to speculate that the company may be close to resolving its legal dispute with the SEC.

For context, Ripple recently unlocked a staggering amount of XRP from an escrow account. The company unlocked 500 million XRP from escrow in two separate transactions yesterday, according to data from cryptocurrency tracking service Whale Alert.

The first transaction released 200 million XRP worth $123.63 million, while the second transaction contained 200 million XRP worth $183.89 million.

The recent transaction surprised the broader community, given that the cryptocurrency payments company typically unlocks XRP from escrow accounts on the first of every month.

Is a Ripple vs. SEC settlement imminent?

As a result, this transaction sparked reactions across the cryptocurrency community as enthusiasts sought to understand the rationale behind this play.

Most of the speculation revolves around the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple.

Some XRP enthusiasts have speculated that Ripple may have unlocked the coin to pay the legal costs of the ongoing SEC case. However, some believe the sudden unlocking indicates that a settlement in the SEC vs. Ripple lawsuit is imminent. XRP enthusiasts with this view claim that Ripple intends to sell the coin to settle with regulators.

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Interestingly, user

Ripple’s latest XRP unlock looks suspicious

The SEC and Ripple’s lawyers plan to hold settlement discussions ahead of a pretrial conference scheduled for April 16, 2024, according to the documents.

Another X user pointed The transaction appeared suspicious because it occurred the day after the SEC held a closed-door meeting.

As previously reported, a closed meeting was held at the SEC on April 11th. SEC executives, including the commissioner and his secretary, attended the meeting. The agenda for the meeting was unclear at the time, but XRP enthusiasts speculated that the SEC would consider a settlement with Ripple.

Ripple completes April allocation

Meanwhile, the 500 million XRP unlocked is part of the 1 billion coins scheduled to be released this month. Recall that Ripple only released 500 million XRP from escrow on April 1st.

The system was scheduled to release 1 billion XRP on April 1st, but only 500 million XRP was triggered on that day. As a result, the remaining 500 million XRP coins were finally released yesterday, bringing the total amount of XRP unlocked in April to 1 billion.

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