A New York judge ordered Ripple Labs (CRYPTO: XRP) to provide specific financial statements for 2022-2023 and information on the institutional sale of XRP tokens. Despite the news, technical analysts remain bullish on XRP.

What Happened: A Monday court filing requested by the U.S. Securities and Exchange Commission (SEC) ordered Ripple Labs to provide information on the institutional sale of XRP tokens. It also requires to submit the contracts governing institutional sales since the lawsuit was filed.

The documents will assist the judge in determining whether the court should issue injunctions or civil penalties, and if so, to what extent.

Read Also: SEC Asks Judge To Dismiss Lawsuit Against Ripple Executives, But There's Pending Issues

Why It Matters: Whale Alert data indicates the movement of 202 million XRP tokens, valued at $219 million, in three separate transactions. Two transactions involving 120 million and 53.8 million were transferred from Ripple to an unknown wallet, while the third transaction of 28.9 million XRP was transferred from unknown wallet to Bitstamp.

Notably, Bitstamp is one of Ripple’s partner platforms that facilitates Ripple Payments. 

Data from analytics firm Santiment indicates notable bearish sentiment, with XRP, Cardano and Solana all experiencing a more negative crowd sentiment range than their historic averages. This trend, appearing for the first time in six months, suggests a signal that “market caps have a higher likelihood of seeing an impending bounce.”

The post states, “Markets historically move in the direction of the crowd's least expected direction, making a rise catch many #short traders off guard.”

However, the XRP community is bullish.

Paul Sampson, a crypto user on X, said he is personally "picking up a bag around the $0.49 region" and is "targeting $1-$1.14 over time.”

Crypto analyst Ali Martinez stated that the TD Sequential indicator on the XRP weekly chart is indicating a Buy signal.

The TD Sequential indicator is signaling a buy on the $XRP weekly chart, suggesting that #XRP is poised for an upswing lasting one to four weeks. pic.twitter.com/icw4CY86UW

— Ali (@ali_charts) February 6, 2024

What’s Next: Analysts see bullish momentum for altcoins in the first quarter of 2024.

Read Next: XRP ETF: Hype Or Hope? Experts Weigh In After BlackRock's Cautionary Move