Breaking News! Ripple Sells Off 120 Million XRP – Triggers Market Hype Amid SEC Battle
Ripple is making waves after selling 120 million XRP tokens equivalent to $60.88 million amid its legal battle with SEC.
According to Whale Alert, Ripple’s sell-off of 120 million XRP tokens is valued at $60.88 million. This adds an element of intrigue as the funds find their way to an undisclosed wallet. Is this a strategic move, a cash grab, or something else?
Looking through Ripple’s financial moves, data from Bithomp reveals that Ripple’s XRP reserve holds 80 million in XRP tokens worth $40.27 million. Before this, Ripple added 200 million XRP to its reserves, showing a sale of 60% of the newly acquired tokens last February 1st. Considering this, it appears that 60% of the newly acquired tokens have already been sold while another whale continued to execute transactions.
Another notable transaction was reported where 28.85 million XRP tokens worth $14.62 million were sent to Bitstamp, a Europe-based crypto exchange. With XRP recently surpassing the $0.50 mark, this development sparks interest from investors and within the XRP community.
At this time of writing, XRP price was trading at $0.502164 with a 24-hour trading volume of $801.9 million. XRP is down by 0.86% today.
Meanwhile, the ongoing Ripple’s legal battle with the SEC took a new step after a petition was filed last month with the court presided over by Judge Sarah Neburn of the Settlement Penalty Court to compel Ripple to disclose its 2022-2023 financial statements.
The settlement court has considered the SEC’s January petition and ruled in favor of the SEC approving the disclosure of Ripple’s financial data for 2022-2023. The court also indicated that contracts following a complaint managing XRP’s institutional sales should be disclosed and requests to answer questions regarding the revenue from these institutional sales.
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