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- XRP Whales have made the most of the dip by accumulating under $0.50 levels.
- Some market analysts see hope in the developments of the Ripple vs SEC case which could lead to a further XRP price rally.
After a strong crash to $0.47 last week, Ripple’s native crypto XRP has seen some good price recovery moving back above $0.50 levels. After the XRP price crash last week, whale activity on the Ripple blockchain has increased substantially.
According to blockchain analytics platform Santiment, wealthy investors are driving XRP towards a price rebound following a decline in the broader cryptocurrency market last week.
Recent data suggests that whales engaged in a bout of accumulation, contributing to the increase in XRP’s price, as reported by the analytics company. Santiment wrote:
“XRP Network is starting to see some mild recovery signs, and today’s +4% price rise appears to be supported by some of the asset’s largest whales. There are 221 addresses holding between 10 million – 1 billion XRP. They now hold a combined 16.13 billion tokens worth $8.71 billion.”
The remarkable surge observed among addresses holding 100 million to 1 billion XRP units holds major significance, as depicted in the chart. On August 18, these substantial holders experienced an extraordinary expansion, witnessing an unprecedented influx of 1.01 billion XRP tokens. This exponential surge propelled their combined holdings to a staggering 11.03 billion XRP.
In contrast, the trajectory of accumulation has been notably more gradual for smaller addresses, containing between 10 million and 100 million XRP units. During a recent timeframe spanning from August 13 to the present, these investors have progressively fortified their positions, amassing an impressive 200 million tokens. Consequently, their combined holdings now amount to a significant 5.08 billion XRP.
Ripple vs SEC Case
Over the weekend, there were no new developments in the ongoing SEC vs Ripple legal battle, leaving the XRP community of holders in anticipation while experts analyzed the direction the financial regulator might take next. The Securities & Exchange Commission (SEC) stated in its recent motion for interlocutory appeal that digital assets lack inherent value and are essentially computer code.
This statement from the financial regulator stands in stark contrast to the initial phase of the lawsuit, during which the SEC referred to XRP as a “digital asset security.”
The change in the SEC’s stance has sparked optimism that Judge Torres’ determination that XRP is a “non-security” will remain unchanged. The regulator’s focus appears to be on Ripple’s programmatic sales of the altcoin, further fueling discussions within the community.
Initially, the SEC had asserted that XRP, the native token of XRPLedger, qualified as a “digital asset security” in its legal case against Ripple. However, in its most recent filing, the regulator contends that digital assets lack inherent value and are essentially computer code.
Within the filing, the SEC discloses that it did not contend that the asset underpinning the investment contract was inherently a security, and it is not pursuing an appellate review concerning any aspect relevant to this matter within its case against Ripple.
