The number of large whales on the XRP Ledger ($XRP), defined as wallet holders that have at least 100 million tokens worth of the cryptocurrency, has recently swelled to 199, reaching its highest point in nearly three months. The rise comes after XRP benefitted from a landmark ruling in the US that saw a federal judge determine it’s “not necessarily a security on its face.”
According to on-chain analytics firm Santiment, the number of whale wallets holding over 100 million XRP tokens, at the time of writing over $74 million, has recently surged amid an accumulation trend that has seen the figure of large XRP whales at an 11-week high.
Santiment’s data points to a shift in July 2023 with an increase in accumulation, as the current value of XRP hovers around $0.7387. This follows a period of selling which saw the number of large investors dip below 200.
Its data has in the past shown that over the last 30 days, the number of active XRP addresses has risen by over 23%, and by 43% over the past year. These addresses, which hold between 100,000 and 100 million XRP tokens, have accrued around 838 million XRP tokens since May.
XRP benefited from the landmark decision earlier this year in the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, which started after the regulator sued the fintech firm for alleged violation of U.S. securities laws, arguing that the firm sold XRP without prior registration with the agency.
After the ruling, a number of leading cryptocurrency trading platforms including Crypto.com, Kraken, and Coinbase all moved to relist XRP significantly bolstering its liquidity on the market.
As CryptoGlobe reported, the number of XRP token holders with at least one million tokens on the cryptocurrency’s ledger has now surpassed the 1,900 mark as an accumulation trend set off earlier this month was triggered by an uptick in investor sentiment.
Notably, the XRP token has seen its trading volume skyrocket to surpass that of the flagship cryptocurrency Bitcoin ($BTC), with Ripple’s Chief Technology Officer, David Schwartz, saying that XRP’s volume as a percentage of market capitalization quadruples that of BTC.
Various analysts have been bullish on the cryptocurrency after the ruling came out, with a popular crypto analyst recently revealing he sees the cryptocurrency’s price explode to $6.
Earlier, analyst Michaël van de Poppe focused on XRP saying he envisions a potential downward adjustment to approximately $0.65. This dip, however, is not cause for concern, as Van de Poppe believes it could set the stage for a bullish resurgence. According to his analysis, the post-dip rally could escalate XRP’s value to a high of $0.90.
Featured image via Pixabay.
