The number of whales on the $XRP Ledger has recently grown, at a time in which large investors have been aggressively accumulating the cryptocurrency, presumably anticipating a favorable outcome in the legal battle between Ripple and the U.S. Securities and Exchange Commission.
According to data from on-chain analytics firm Santiment, first shared by popular cryptocurrency analyst Ali Martinez, there are 50 new whale addresses on the XRP Ledger, holdings between 10 million and 100 million XRP, worth between $3.8 million and $38 million at the time of writing.
Large investors in the cryptocurrency, the analyst added, have accumulated 420 million new tokens worth $155 million over the past month in an accumulation trend that suggests whales are getting ready for a large price movement.
As CryptoGlobe reported, institutional cryptocurrency investors have raised their bets on cryptocurrency investment products offering them exposure to Solana ($SOL) and XRP earlier this month, even with crypto investment products seeing record outflows.
Investment products offering exposure to Solana saw inflows of $400,000, while those offering exposure to XRP saw inflows of $300,000. Polygon ($MATIC) investment products notably also saw inflows of $100,000. This, during a week in which crypto products saw a record-setting $255 million in net outflows.
XRP has been performing well after Ripple’s Chief Legal Officer Stuart Alderoty explained that the most recent ruling in the U.S. Securities and Exchange Commission’s (SEC’s) lawsuit against Ripple has left him feeling more confident than ever about Ripple’s chances of winning.
Judge Analisa Torres has recently issued a 57-page ruling on the SEC and Ripple’s notions to exclude expert testimony from summary judgment, which helped Alderoty’s confidence.
The outcome of the lawsuit is likely to have a significant impact on the price of XRP and the future of crypto as a whole, as the SEC has accused Ripple of selling XRP as an unregistered security.
Ripple’s legal team has argued that XRP’s utility, liquidity, and distribution make it incompatible with securities regulations and that labeling it security would directly impair its reason for existence.
Featured Image via Pixabay