120M XRP Sell-Off Amid SEC Drama Sparks Market Frenzy: Breaking Ripple News
Ripple, the company behind XRP, has made a significant move by selling off 120 million XRP tokens, totaling a value of $60.88 million. This surprising decision comes at a challenging time for Ripple as it faces legal issues with the SEC.
Whale Alert, a platform that monitors on-chain activities, has reported this substantial sell-off by Ripple. The transaction, worth $60.88 million, has sparked curiosity as the funds are transferred to an undisclosed wallet.
Analyzing Ripple’s financial actions, data from Bithomp reveals that the company’s XRP reserve currently holds $80 million in tokens, equivalent to $40.27 million. Adding to the complexity, Ripple recently added 200 million XRP tokens to its reserves on February 1, indicating that 60% of the newly acquired tokens were sold.
In another noteworthy transaction, Whale Alert has reported the transfer of 28.85 million XRP tokens, valued at $14.62 million, to Bitstamp, a well-known cryptocurrency exchange in Luxembourg. With XRP surpassing the $0.50 mark, this development has generated interest within the XRP community.
The SEC filed a motion on January 24, urging the Magistrate Court, presided over by Judge Sarah Netburn, to compel Ripple to disclose its financial statements for the years 2022-2023. Additionally, the SEC requested details about XRP sales contracts with major investors and the resulting revenue.
All eyes are now on February 12, a crucial date in the Ripple-SEC legal battle. This deadline marks the conclusion of discovery related to remedies for both parties, potentially becoming a turning point in this high-stakes legal dispute.
In summary, Ripple’s decision to sell off 120 million XRP tokens has raised questions about its motives and intentions. Meanwhile, the SEC’s motion to obtain Ripple’s financial statements and details of XRP sales adds further complexity to the legal proceedings. The upcoming February 12 deadline holds significant importance and may have a significant impact on the outcome of the Ripple-SEC case.