In a recent development, there has been a noteworthy movement among XRP whales, who have accumulated a total of 110 million XRP, amounting to approximately $55 million. This surge in activity comes at a critical time for Ripple, as it continues to face a fierce legal battle against the US Securities and Exchange Commission (SEC).
The significant accumulation of XRP by these large investors reflects their strong confidence in the digital asset, which is currently navigating through a period of regulatory uncertainty. Data provided by cryptocurrency analyst Ali Charts reveals that these prominent holders are leveraging the challenging environment to bolster their positions, serving as a clear show of support for XRP.
The concentration of XRP in whale wallets has seen a significant uptick, now standing at 3.72 billion XRP, accounting for 6.7% of the circulating supply. Although there has been a slight decline to 3.69 billion XRP at the time of this report, this still demonstrates a notable increase compared to the 3.61 billion XRP recorded in April.
Furthermore, it is worth noting the rise in the number of addresses holding between 10 million and 100 million XRP. In early April, these addresses collectively held 6.16 billion XRP, which has now grown to 6.59 billion XRP in just five weeks, indicating an increase of 430 million XRP.
The behavior of whale accumulation often serves as an early indicator of price trends. The strong presence of these influential investors in the market may indicate a positive shift in market sentiment, attracting more capital and strengthening the liquidity and stability of XRP. This phenomenon has the potential to solidify XRP’s position as a prominent cryptocurrency in the digital asset landscape.
At the time of writing, the price of XRP stands at $0.5157, experiencing a 2% decrease in the last 24 hours.
Disclaimer: The views and opinions expressed in this article, by both the author and any individuals mentioned, are solely for informational purposes and should not be considered as financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: The SEC’s decision in the case against Ripple does not hold any weight in other cases, as stated by the SEC.
Ripple’s CEO warns that any action taken by the US against Tether could potentially impact the stability of the cryptocurrency market.
