Report: XRP FTX's Available Selling Quantity Revealed

FTX’s Bankruptcy: The Approval to Dump Cryptocurrency Holdings

If there’s one particularly grim story in crypto’s not-so-long history, FTX’s bankruptcy must be among those competing for that spot. The exchange’s downfall is likely even to get televised as one of the most scandalous catastrophes in modern financial times.

FTX Receives Court Approval to Sell Cryptocurrency Holdings

According to a recent court ruling, FTX now has approval to dump its cryptocurrency holdings in a bid to make creditors whole. This news has made headlines this week. Note that the exchange is now run by a team unrelated to Sam Bankman-Fried, and its sole purpose is to make creditors as whole as possible.

The Extent of FTX’s Crypto Holdings

FTX holds a significant amount of crypto assets. CoinGecko’s recent report reveals their holdings, which include almost $120 million worth of XRP available for FTX to sell on the market at their convenience. If this were to happen today, it would undoubtedly have a great impact on the price, given the current market depth.

Potential Impact on Other Cryptocurrencies

This news has also had a negative effect on the price of other cryptocurrencies, including Solana (SOL). There are even predictions that Ethereum (ETH) could crash to $1,000 if FTX were to sell off all of its holdings at once.

Considerations and Conclusion

However, it is highly unlikely that the team managing the liquidation process will proceed in such a manner. Selling off all holdings at once would cause significant damage to both the market and the creditors. The goal is to make creditors whole while minimizing disruption to the market. Only time will tell how FTX handles its cryptocurrency holdings in the future.