In the ever-shifting waters of the cryptocurrency market, Ripple’s XRP whales have recently made a big move, accumulating a remarkable 110 million XRP valued at around $55 million. This surge in buying activity comes at a critical juncture for Ripple as the company navigates a challenging legal battle with the U.S. Securities and Exchange Commission (SEC).
Despite the regulatory headwinds, this significant accumulation by large investors is a beacon of confidence in the embattled digital asset.
XRP Whales Big Bet
According to a chart shared by popular crypto analyst Ali Charts on X, Ripple’s largest investors, the whales, have been diving deep over the last two weeks and accumulated a massive haul of 110 million XRP tokens worth $55 million. This move, amid Ripple’s legal tussle with the SEC, not only defies the regulatory storm but also sends a clear message of unwavering confidence in XRP.
As a result of this buying spree, the total holdings of these whale addresses increased to 3.72 billion XRP, accounting for 6.7% of XRP’s circulating supply. Despite a slight decrease to 3.69 billion XRP by the time of reporting, this still marks a significant rise from the 3.61 billion held as of April 29.
Furthermore, data suggests that addresses holding between 10 million and 100 million XRP have significantly boosted their holdings. On April 5, these addresses collectively held 6.16 billion XRP. This figure has surged to 6.59 billion XRP in just five weeks, marking an increase of 430 million XRP. Combined with other major addresses, the total accumulation reaches an impressive 540 million XRP over this period.
The impact of this whale activity is already rippling through the market, with XRP’s price edging by over 1.8% in the past 24 hours. This uptick, now trading at $0.5144, indicates a bullish sentiment among investors, eyeing a potential breakout as XRP establishes a resistance level at $0.5114 and a support level at $0.4974.
Whale activity often serves as a barometer for future price trends. The accumulation of XRP by these influential investors could signify a shift in market sentiment, potentially attracting more capital and bolstering XRP’s liquidity and stability. This could further cement XRP’s position as a major player in the digital asset space.
A Legal Storm on the Horizon: SEC vs. Ripple
However, Ripple’s legal battle with the SEC overshadows these optimistic developments. Ripple’s recent move to seal key details regarding discounts offered on XRP to institutional buyers has added another layer of intrigue to the case.
The outcome of this legal showdown could have far-reaching implications for regulating digital assets, making it a focal point for investors and market observers alike. Ripple and its investors are bracing for the impact as the legal drama unfolds. The resolution of the SEC lawsuit could shape the future regulatory landscape for digital assets, making it a pivotal moment for Ripple.
