The post Big Ripple Move: They Sold 120 Million XRP! Amid SEC Legal Victory appeared first on Coinpedia Fintech News

Ripple, the parent company of XRP, has raised eyebrows by executing a major sell-off, unloading 120 million XRP tokens valued at $60.88 million. This move comes amidst a recent legal loss against Ripple in the ongoing lawsuit with the U.S. 

Ripple’s Massive XRP Transfer

Whale Alert, a platform tracking on-chain activities, has highlighted a substantial move by Ripple—a significant sell-off involving 120 million XRP tokens, valued at $60.88 million. The funds were directed to an undisclosed wallet.

Simultaneously, Bithomp data discloses that Ripple’s XRP reserve currently holds $80 million in XRP tokens, equivalent to $40.27 million. Adding a layer of complexity, on February 1, Ripple added 200 million XRP tokens to its reserves, implying a sale of 60% of the newly acquired tokens.

Things get more complicated as there’s another big transaction reported by Whale Alert. In this transaction, 28.85 million XRP tokens (valued at $14.62 million) were sent to Bitstamp, a popular crypto exchange in Luxembourg.

As XRP recently surpassed the $0.50 mark, this makes people in the XRP community within the XRP community.

SEC Winning It’s Battle

On January 24, 2024, the SEC made a move by filing a motion. They asked the Magistrate Court, led by Judge Sarah Netburn, to force Ripple to share its financial statements for 2022-2023. Additionally, the SEC wanted details about contracts for selling XRP to big investors and the money Ripple earned from those sales.

Following the SEC’s request in January, the Magistrate Court, under Judge Sarah Netburn’s guidance, ruled that Ripple must provide the information for 2022-2023, along with a report on the sales of XRP to big investor

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

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Filed under: Bitcoin - @ February 6, 2024 9:24 am