XRP price continues to stay above $0.50 following a recent decision, but things may not be going well. The XRP community is uneasy due to a significant sale by Ripple and notable whale activities. These concerns were further heightened when Ripple recently executed a significant transfer of 120 million XRP tokens, intensifying fears of a sale amidst increasing market volatility.
Is Ripple Selling XRP?
Whale Alert, known for tracking high-scale transactions in the crypto world, recently brought to light XRP transactions centered around Ripple, which did not go unnoticed. These large transfers have unsettled XRP investors and created pressure on the XRP price during the recovery period following recent hacking incidents.
According to data provided by Whale Alert, a transaction involving 120 million XRP tokens worth $60.88 million was executed, directing these tokens to an undisclosed wallet. The data also indicates that Ripple’s XRP reserve currently holds 80 million XRP tokens valued at $40.27 million.
Approximately one week ago, on February 1st, Ripple added 200 million XRP tokens to its reserve. Considering this, it appears that 60% of the newly acquired tokens have already been sold. Meanwhile, another whale continued to execute transactions.
According to the revealed whale transaction, 28.85 million XRP tokens worth $14.62 million were also sent to exchanges.
As of the time of writing, the XRP price was trading at $0.5027, down 0.36%. Ripple’s XRP has a market value of over $27 billion and continues to stay within the top 10. In addition, there was a 27.89% increase in the 24-hour trading volume, reaching a value of $775.55 million.
This Time Victory Goes to the SEC
In the midst of the ongoing Ripple vs. SEC lawsuit, the SEC took a new step and in January 2024 filed a petition with the court presided over by Judge Sarah Netburn of the Settlement Penalty Court to compel Ripple to disclose its 2022-2023 financial statements.
The Settlement Court under the authority of Judge Sarah Netburn considered the SEC’s January petition and ruled in favor of the SEC, approving the disclosure of Ripple’s financial data for 2022-2023.
On the other hand, the court also indicated that contracts following a complaint managing XRP’s institutional sales should be disclosed, and it requested answers to questions regarding the revenues from these institutional sales.