A series of heated tweets has ignited a fierce debate within the crypto community regarding Ripple’s authority to sell its XRP tokens. This discourse unfolded during a recent exchange between XRP advocate Bill Morgan and crypto analyst “Darkhorse” on the X platform, setting the stage for a legal discussion.
Read more below.
On the virtual battleground of the X platform, Bill Morgan, a staunch supporter of XRP, challenges any legal constraints on Ripple’s XRP token sales, with the exception of institutional transactions. Darkhorse counters, referencing a July 2023 ruling by Judge Analisa Torres, suggesting that Ripple may face restrictions on XRP sales.
Morgan argues that Ripple is within its legal rights to sell XRP, clarifying that such sales should not be construed as investment contracts under U.S. Securities law. He emphasizes that nothing prevents Ripple from selling its XRP, and the real question is whether it needs to register these sales with the Securities and Exchange Commission (SEC) in the U.S.
Also Read: Is Ripple’s CEO, Brad Garlinghouse, Hinting at a Big Crypto Boom in 2024?
XRP Sales Dilemma
Following Judge Torres’ decision, another X user pointed out a crucial aspect regarding Ripple’s XRP sales. Due to the acknowledgement of Ripple’s involvement with XRP, these sales might now be considered securities transactions, implying expectations of increased value due to Ripple’s activities.
Morgan counters by pointing to the historical performance of XRP’s price over the past five years. He suggests that expecting profits from Ripple’s efforts might be deemed unreasonable, particularly for those entering the XRP market post-July 13th. To him, such expectations could be perceived as irrational.
All of this is taking place against the backdrop of Ripple’s recent transfer of 80 million XRP tokens, valued at approximately $46.18 million, to an undisclosed wallet. The transaction, reported by blockchain tracking service Whale Alert, has triggered speculation within the XRP community.
Read More: Top Analyst Predicts When XRP Will Hit $5 (And It’s Sooner Than You Think!)
These developments have influenced XRP’s market performance. Experiencing a 1.5% decline in the past 24 hours, XRP’s price dipped to $0.566. However, over the past week, XRP has displayed resilience with a 2.6% increase.
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