XRP News: The long running legal tussle between Ripple and U.S. Securities and Exchange Commission (SEC) is moving toward the much awaited Summary Judgment. The anticipation around the Ripple lawsuit ruling has driven the crypto whales to go on a heavy XRP accumulation spree.
XRP whales on aggressive accumulation
As per the data provided by Santiment, Crypto whales and sharks are aggressively accumulating XRP tokens in the month of December 2022. It highlighted that the whale addresses that hold 1 million to 10 million XRP have hit the all time high (ATH).
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Data depicts that there were just 1440 such whale addresses on November 1, 2022. While these addresses numbers have increased to stand at 1,617.
The percentage of supply of XRP held by these whales was recorded to be 6.33% on November 1, 2022. However, data shows that the percentage of supply held has reached 7.23% which is a new ATH.
Coingape reported that the crypto whales moved more than 675 million XRP on Monday, September 19. While around 500 million XRP were transacted by the whales on the day when the court partly rejected the SEC’s motion in the XRP lawsuit. Read more XRP news here
Why whales are adding Ripple’s native token?
XRP price is on a constant decline over the past weeks. Its price has dropped by 12% in the last 7 days. This price action has motivated whales to accumulate more XRPs.
However, crypto whales have managed to move 120 million XRP in the last 24 hours. WhaleAlert reported that a whale address bought $17.6 million worth of XRP from the Bitso crypto exchange. Meanwhile, whales have moved around 70 million XRP to crypto exchanges in order to dump them.
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