Ripple retains 200 million XRP from the 1 billion tokens unlocked from escrow as the deadline to pay its civil penalty to the SEC nears.
The escrow unlock schedule for this month took a rather normal turn. Whale Alert called attention to the release of 1 billion XRP tokens from escrow for the month of September. This development occurred across three transactions on Sept. 1.
Ripple Retains 200M XRP from 1B Unlocked from Escrow
In the first transaction, the escrow system unlocked 500 million XRP worth $280 million into the Ripple wallet rw2…3wY on Sunday at 02:46 UTC. Four minutes later, the second and third transactions saw the release of 200 million and 300 million XRP into Ripple wallet rDq…EsF.
Shortly after this, wallet rw2…3wY, which received the first transaction, moved 200 million XRP to Ripple wallet rBg…91m. It then transferred the extra 300 million XRP to another Ripple wallet rDd…eCK, essentially sending out all 500 million tokens.
Meanwhile, rDq…EsF, the wallet that received the second and third escrow transactions, also transferred 100 million XRP to rDd…eCK. Afterward, the wallet then moved the remaining 400 million XRP to Ripple wallet rKD…2op.
Overall, the two Ripple wallets rDd…eCK and rKD…2op both equally received 800 million from the 1 billion unlocked from escrow. However, the wallet rBg…91m received the leftover 200 million XRP tokens.
Both rDd…eCK and rKD…2op returned the 800 million XRP to escrow. Meanwhile, rBg…91m has retained its 200 million XRP. Ripple could leverage these 200 million tokens for internal operational funding, liquidity purposes or other financial needs.
The latest escrow transactions, which resonate with the typical procedure, deviate from the irregular pattern observed most of this year. Interestingly, the decision from Ripple to maintain the status quo and retain 200 million XRP comes as the deadline for the payment of the SEC’s fine in the legal battle nears.
Ripple’s $125M Fine to the SEC
Notably, if Ripple has not yet paid the fine, then it has four days to do so. Judge Analisa Torres’ final judgment, which came up on Aug. 7, gave the firm a 30-day window to pay the $125 million fine. At the prevailing price, this translates to 227 million XRP, about 27 million XRP more than the amount Ripple retained from escrow this month.
It bears mentioning that rumors have sprung up, claiming Ripple had already paid the $125 million fine. However, these remain unconfirmed, as the blockchain firm is not under any obligation to reveal this to the public.
Interestingly, speculations from market commentators such as CryptoInsightUK suggested that a decision from Ripple to pay the fine would terminate all chances of an appeal from either the SEC or Ripple themselves. Nonetheless, influencer WrathofKahneman (WOK) has dismissed these speculations.
The XRP community figure confirmed that whether Ripple or the SEC seeks to appeal any part of the rulings, Ripple will need to pay the fine within the 30-day period. Recall that Judge Analisa Torres gave a 60-day window for either party to file an appeal. This means both parties now have 34 days to appeal the ruling.
Why are all these accounts suggestively hinting #Ripple may have paid the SEC fine? They have to! It doesn't affect any appeal processes. Who cares when they pay it?
— WrathofKahneman (@WKahneman) September 1, 2024
Before this 60-day window elapses, Ripple or the SEC retains the right to appeal any decision whether Ripple has paid the fine or not. However, if Ripple appeals the $125 million fine and secures a decision to reduce it, the SEC will need to return the balance stipulated from such a decision.
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