XRP Whales Continue Buying Amid SEC Dispute

Recently, a notable movement of XRP whales was observed, who accumulated a total of 110 million XRP, valued at around 55 million dollars. This increase in activity comes at a crucial time for Ripple, which continues to face an intense legal battle against the US Securities and Exchange Commission (SEC).

This significant accumulation of XRP by large investors reflects a notable confidence in the digital asset, which is currently going through a period of regulatory uncertainty. According to data released by cryptocurrency analyst Ali Charts, these large holders are taking advantage of the challenging scenario to reinforce their positions, showing a clear sign of support for XRP.

#Ripple whales have bought over 110 million $XRP in the past two weeks, totaling around $55 million! pic.twitter.com/yeguiYitcT

— Ali (@ali_charts) May 15, 2024

The concentration of XRP in whale wallets has increased significantly, reaching 3.72 billion XRP, which represents 6.7% of the circulating supply. Despite a slight drop to 3.69 billion XRP at the time of this report, there is still a considerable increase since the 3.61 billion XRP recorded in April.

Another interesting aspect is the increase in shares of addresses holding between 10 million and 100 million XRP. As of early April, these addresses collectively held 6.16 billion XRP. This number grew to 6.59 billion XRP in five weeks, an increase of 430 million XRP.

Whale accumulation behavior is often an early indicator of price trends. The strong presence of these influential investors in the market could signal a positive change in market sentiment, attracting more capital and strengthening XRP’s liquidity and stability. This phenomenon could reinforce XRP’s position as a prominent cryptocurrency in the digital asset landscape.

At the time of publication, the price of XRP was listed at $0.5157 with a drop of 2% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.