The U.S. Securities and Exchange Commission (SEC) has strongly objected to Ripple’s attempts to keep the financial details of its XRP sales secret. In a recent filing, the SEC said Ripple failed to overcome “a strong presumption that court documents detailing its financial and business operations should be visible to the public.”

The agency noted that financial data, contract terms and other details are critical to the relief requested and the court's decision to determine penalties.

Ripple had previously filed a request to keep the information confidential. The company said that if the details were made public, it could cause potential damage to its business interests. The company's chief financial officer, Jonathan Bilich, submitted a supporting statement advocating for confidentiality of "negotiated financial terms with certain third-party business partners."

However, the SEC firmly disagreed with Ripple’s argument. The regulator said the company failed to meet the standards for keeping such information shielded from public scrutiny.

The regulator insisted that while it does not object to the sealing of Ripple’s recent financial statements, specific financial data and contractual terms used to calculate and justify the relief request should be made public.

The SEC wants Ripple to disclose the following information:

– The amount of its current assets (used to determine the amount of the fine)
– Recent XRP sales (related to injunctive relief and fines)
– Ripple’s income and expenses (it is crucial to calculate the possible return amount)
– Amount of discounts offered to institutional investors (assessment of investor damages)

The SEC believes that Ripple has failed to provide sufficient evidence to prove that the disclosure of this information would result in significant damage, thus justifying its confidentiality. In addition, the agency believes that much of the financial data and evidence involved are outdated and some details have been made public.

Recently, the SEC filed a brief in response to its request for relief, upholding its position on an injunction and fine against Ripple for violating securities laws through its sale of XRP.

Meanwhile, XRP has seen a significant increase in its price. The token has gained 5% in value over the past 24 hours and is currently trading at $0.54. In addition, its trading volume has increased by more than 150%, indicating an increase in interest from traders and investors.

However, some large XRP holders (whales) sold some of their holdings after the SEC opposed Ripple’s seizure motion. This may indicate that some investors believe that disclosing Ripple’s financial details and XRP sales information may be detrimental to the company’s position in the case.