XRP News Today: SBI VC Trade Moves 320 Million XRP Tokens Ahead of Japan's Crypto Policy Shift

SBI VC Trade, a subsidiary of SBI Holdings and a long-term partner of Ripple, transferred 320 million XRP tokens valued at over $703 million on Monday. This significant movement of XRP tokens occurred just before Ripple's scheduled $1 billion escrow release, sparking considerable speculation within the cryptocurrency community. The transfer was initially highlighted by Whale Alert, which reported two transactions of 160 million XRP each to two different wallet addresses. Further investigation revealed that the wallet rNR…6jS, which sent the 320 million XRP, was linked to SBI VC Trade. The tokens were subsequently forwarded to two wallets, each holding 160 million XRP.

The timing of this transfer, occurring outside of Ripple's scheduled escrow release, has led many in the XRP community to speculate about an impending significant move by SBI VC Trade. This speculation is further fueled by recent developments in Japan, where the Financial Services Agency submitted a proposal to reclassify cryptocurrencies as legitimate financial products. This proposal, if approved, could pave the way for the launch of exchange-traded funds (ETFs) and reduce Japan's punitive crypto tax rate from as high as 55% to a flat 20%.

The XRP price experienced a slight decline, falling below $2.20, with a 24-hour low of $2.18 and a high of $2.22. This price movement indicates a rise in interest among traders. In the daily timeframe, the price remains below the 50-SMA, 100-SMA, and 200-SMA at the time of writing. The Relative Strength Index (RSI) has slightly slipped to 50.68, suggesting a neutral market sentiment.

According to the analyst's forecast, the transfer of 320 million XRP tokens by SBI VC Trade could be a strategic move in anticipation of the upcoming regulatory changes in Japan. The reclassification of cryptocurrencies as legitimate financial products and the potential reduction in tax rates could create a more favorable environment for cryptocurrency investments, including XRP. This could lead to increased demand and potentially higher prices for XRP in the future. However, it is important to note that these are speculative forecasts and the actual impact of these regulatory changes on the XRP market remains to be seen.