Tension is growing between Ripple and SEC: Latest situation on XRP price despite Ripple's counter move?

The SEC, Ripple incident, which has long destabilized the cryptocurrency market, has caused fluctuations in the XRP price with the recent events. Concerns began to increase on the XRP front after the SEC accepted Ripple's request to submit additional documents to the court. While the XRP price was trading at $0.50, the sales made by Ripple caused a significant movement recorded.

SEC vs. The tension between Ripple is growing!

The SEC published a report on new developments in Ripple's legal dispute as the case approaches its end. The latest update on the case received by the US Securities and Exchange Commission (SEC) requested that Ripple submit additional documents to the court, and this request was granted by District Judge Sarah Netburn. In the request, it is expected that Ripple's financial documents and XRP contract details will be presented to the commission after the lawsuit.

This development came after the SEC gained countersuit supremacy over his company. The company appealed the decision to not present its financial statements centered on XRP. The decision was announced on the X platform by journalist Eleanor Terrett, who has been following the Ripple case for a long time. According to the journalist's post, Ripple's financial statements and corporate after-sales agreements for 2022-23 need to be prepared. Announcements regarding sales revenues are also expected.

Movement in XRP price and Ripple's action against the decision

After the document with the SEC, Ripple transferred 120 million XRP tokens. This data was revealed in a recently published report by on-chain analytics firm Whale. This large transfer had a negative impact on the XRP price, increasing downward speculation. According to analytics firm Whale, approximately 60 million worth of XRP tokens were diverted by the company to an undisclosed budget. Despite this, on February 1, 200 million XRP tokens were allocated to the reserves, and the token types in the reserve were increased. Currently, according to Bithomp systems, the company has 80 million worth of XRP tokens.

1-day XRP price chartIn addition, a new whale movement has emerged that makes the moves of the Whale company even more difficult. A transfer of 28.85 million XRP tokens worth approximately $14.62 million was made. The transfer was made to the famous crypto exchange Bitstamp and was carried out through an unidentified budget.

While these moves by Ripple increase concerns about XRP systems, the altcoin has lost 5.33 percent in value in the last week. At the time of writing this article, the trading volume of the asset, which was traded at $ 0.503, increased by 25 percent. The current market value of the XRP coin, which showed a slight decrease of 0.6 during the day, is $ 27.36. Price forecasts remain optimistic despite the increased presence of depreciation of nearly 6 percent in the last seven days.

Lawyer Bill Morgan's statements on Ripple ODL

The ongoing Ripple vs. In the final stages of the SEC case, the future of Ripple's ODL service was at stake. The implications for ODL customers and the possibility of a permanent injunction were raised. Attorney Bill Morgan explained the meaning and potential consequences of the court decision in a recent X post.

In his post, Bill Morgan first discussed the situation of ODL customers using this service of the company and explained that these customers will not be restricted within the scope of the measure. On the contrary, it was emphasized that Ripple's XRP sales of ODL customers may be restricted as long as they are not registered. Morgan emphasized the importance of finding alternative methods for the XRP company to remain commercially viable and conduct its sales in accordance with legal requirements, while also expressing the commercial difficulties it faces. He emphasized the importance of ensuring the long-term sustainability of this situation on the company.

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