XRP Whale Wallets Sees Significant Uptick in the Last 5 Weeks
Wallets holding over 10,000 XRP increase significantly in the last five weeks, owing to Ripple's potential legal victory
According to on-chain data, whale wallets holding at least 10K XRP holders have drastically increased in the past 5 weeks.
There are about 279,400 wallets with at least 10,000 XRP, the highest level of whale wallets in the past six months. The uptick in the number of whale wallets holding XRP has led to a corresponding rise in the market value of the token, which at press time sells for $0.64.
Ripple Poised for Potential Victory in SEC Lawsuit
Recent events related to Ripple and XRP drive the uptrend in whale wallet holdings and the token’s value. Ripple is the company behind developing and maintaining the decentralized XRP Ledger and its native token XRP.
In 2020, the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple in the country’s Southern District Court of New York. The SEC claimed that the company, its CEO Brad Garlinghouse, and co-founder Chris Larsen conducted an unregistered securities offering in 2013, where they raised over $1.3 billion from selling XRP to investors.
The case ended with both parties obtaining partial victories. However, the SEC continued to seek remedies from the company, pushing for the payment of hefty fines dragged into 2024.
The ongoing battle may end by August 1 as the SEC issued a Sunshine Act Notice to hold a Closed Meeting on the said date.
Recent legal wins by other crypto assets and companies in similar regulatory cases bolster Ripple’s chances for a favorable outcome in the upcoming meeting on August 1.
Recently, the SEC withdrew its request for a probe into the security status of Solana (SOL), Cardano (ADA), and Polygon (MATIC).
Additionally, in the recent case between the SEC and the leading crypto exchange Binance, a federal judge dismissed some of the SEC’s claims against the crypto exchange. At the same time, the SEC amended its original complaints against Binance.
Ripple Considers Relocking Majority of August XRP Supply
Another variable that could boost the value of XRP is the recent report that Ripple may relock a large portion of the tokens to be released in August. The company released its usual monthly 1 billion tokens in June but later relocked 800 million.
