Ripple, the parent company of XRP, is making waves with a bold move—a substantial sell-off of 120 million XRP tokens, valued at a hefty $60.88 million. This surprising development unfolds in the midst of a legal setback against the SEC.
Was it a strategic move, a cash grab, or something else entirely?
Ripple’s Massive XRP Transfer
Whale Alert, a platform tracking on-chain activities, reports Ripple’s noteworthy sell-off, involving 120 million XRP tokens. The transaction, valued at $60.88 million, adds an element of intrigue as the funds find their way to an undisclosed wallet.
Taking a closer look at Ripple’s financial moves, Bithomp data reveals that Ripple’s XRP reserve holds $80 million in XRP tokens, equivalent to $40.27 million. Adding complexity, on February 1, Ripple added 200 million XRP tokens to its reserves, signaling a sale of 60% of the newly acquired tokens.
In another notable transaction, Whale Alert reports 28.85 million XRP tokens (worth $14.62 million) sent to Bitstamp, a prominent crypto exchange in Luxembourg. With XRP recently surpassing the $0.50 mark, this development sparks interest within the XRP community.
Did You Know? Ripple vs SEC Heats Up: Crypto Giant Forced to Reveal Financials After Court Ruling
SEC Resumes the Upper Hand?
On January 24, 2024, the SEC filed a motion, urging the Magistrate Court, led by Judge Sarah Netburn, to compel Ripple to share its financial statements for 2022-2023. Additionally, the SEC sought details about XRP sales contracts with major investors and the revenue generated.
Counting Down to Feb 12
Looking ahead, the spotlight is on the crucial date in the Ripple-SEC legal saga—February 12. This marks the deadline for both parties to conclude discovery related to remedies, promising a potential turning point in this high-stakes legal battle.
Also Read: XRP Price Sirens Crash Under $0.50, Should We Buy This Dip?
