Ripple’s XRP Experiences Downturn Amid Sell-Off and Whale Activities
Ripple’s XRP has seen a significant downturn, causing unrest among the XRP community. This is due to a substantial sell-off by Ripple and notable whale activities. Adding to the concerns, Ripple recently transferred 120 million XRP tokens, raising fears of a sell-off in a volatile market.
Ripple Offloads $120 Million XRP From Reserve
A recent report by Whale Alert revealed that Ripple made a massive transfer of 120 million XRP tokens, valued at $60.88 million, to an undisclosed wallet. This has unsettled the XRP community and sparked speculation of downward pressure on the price.
According to Bithomp data, Ripple currently holds $80 million worth of XRP tokens in its reserve. This suggests that Ripple offloaded 60% of the tokens it acquired earlier this month. Additionally, another notable whale transaction involving the transfer of 28.85 million XRP tokens to Bitstamp has raised further concerns within the XRP community.
SEC Wins Motion Against Ripple
In the ongoing legal battle between Ripple and the SEC, the SEC recently won its motion to compel Ripple into providing its financial statements for 2022-2023. The U.S. District Court for the Southern District of New York approved this request along with others seeking information about institutional sales of XRP.
Hot Take: Ripple’s Sell-Off and SEC Case Intensify Volatility for XRP
The recent sell-off by Ripple and notable whale activities have caused a significant downturn in the price of XRP. The transfer of 120 million XRP tokens and the SEC’s victory in gaining access to Ripple’s financial statements have intensified fears of a sell-off and increased market volatility for XRP. The XRP community remains unsettled as the price hovers above $0.50, with losses of nearly 6% in the last seven days.
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