- XRP whale numbers have grown as large investors stockpile 420 million tokens, data shows.
- The largest investors presumably anticipate a favorable outcome in the Ripple vs. SEC lawsuit.
- On-chain metrics from Santiment show 50 new whale addresses on the XRP Ledger holding 10 -100 million XRP.
More whales are signing up to the XRP ledger during a time when investors have doubled down on XRP accumulation. The uptick indicates that large investors anticipate a positive ruling from the legal tussle between Ripple and the United States Securities and Exchange Commission (SEC).
50 new whale addresses have joined the XRP ledger over the past month: Santiment data
Based on data from on-chain analytics firm Santiment, corroborated by renowned crypto analyst Ali Martinez, up to 50 new whale addresses have joined the XRP ledger over the past month, with holdings between 10 million and 100 million XRP between them.
Using current rates, this translates to between $3.8 million and $38 million.
Over the past month, ~50 whales holding 10 million to 100 million $XRP have joined the #Ripple network.— Ali (@ali_charts) March 19, 2023
These large investors have purchased around 420 million #XRP, worth $155.4 million, shows data from @santimentfeed. pic.twitter.com/6L3gBwbdiW
Martinez goes on to reveal that over the last month, large investors in the crypto scene have accumulated 420 million new tokens totaling $155 million. This price trend hints at the whales preparing for a large price movement.
Notably, institutional cryptocurrency investors have been raising their bets on crypto investment products, focusing on the ones offering them exposure to Solana (SOL) and Ripple (XRP). This comes amid the crypto assets recording massive outflows.
Only recently, investment products with exposure to Solana recorded inflows of $400,000, while those with exposure to XRP saw inflows worth $300,000. Notably, Polygon (MATIC) investment products also witnessed inflows totaling $100,00 during a week where crypto products recorded a striking $255 million net outflows.
XRP has been bullish since Ripple’s Chief Legal Officer (CLO) Stuart Alderoty broke down the latest ruling of the US SEC on its lawsuit against Ripple, underscored by Coinbase’s CLO Paul Grewal on the largest exchange in the US relisting XRP.
Recently, Judge Analisa Torres issued a 57-page ruling on the notions by either party, excluding expert testimony from summary judgment. This move reinvigorated Alderoty’s confidence.
The ruling will significantly affect XRP and the future of the entire crypto playing field because the SEC accused Ripple of selling XRP as an unregistered security. In its defense, the Ripple legal team has contended that the utility, liquidity, and distribution of XRP discredit it from being a security as the regulations are incompatible. Accordingly, their stance is that labeling XRP as a security would impair its existence.
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