120 Million XRP Sold in a Significant Ripple Transaction Following SEC Legal Triumph

Ripple, the company behind XRP, has raised eyebrows with a significant sell-off of 120 million XRP tokens, worth $60.88 million. This move comes after Ripple’s recent legal setback against the SEC in an ongoing lawsuit.

Whale Alert, a platform that tracks on-chain activities, has brought attention to Ripple’s massive transfer. The company sold off 120 million XRP tokens, valued at $60.88 million, and sent the funds to an undisclosed wallet. Bithomp data reveals that Ripple’s XRP reserve currently holds $80 million in XRP tokens, equivalent to $40.27 million. Adding to the complexity, Ripple added 200 million XRP tokens to its reserves on February 1, implying a sale of 60% of the newly acquired tokens.

Further complicating matters, Whale Alert reported another significant transaction. 28.85 million XRP tokens, valued at $14.62 million, were sent to Bitstamp, a popular cryptocurrency exchange in Luxembourg.

The XRP community is buzzing with excitement as XRP recently surpassed the $0.50 mark.

In another development, on January 24, 2024, the SEC made a move by filing a motion. They requested that Ripple share its financial statements for 2022-2023 and provide details about contracts for selling XRP to major investors, as well as the money earned from those sales. The Magistrate Court, led by Judge Sarah Netburn, ruled that Ripple must comply with the SEC’s request and provide the requested information.

Looking ahead, the upcoming pivotal date in the Ripple-SEC lawsuit is February 12, which is anticipated to be the deadline for both parties to conclude all remedies-related discovery.