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E-money exchange rating

$XRP Whales Accumulated Nearly 900 Million Tokens in ‘Second-Largest’ Accumulation in Past 5 Years

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$XRP Whales Accumulated Nearly 900 Million Tokens in ‘Second-Largest’ Accumulation in Past 5 Years

XRP whale addresses holding over 10 million tokens or more have managed to accumulate close to 900 million $XRP, worth around $700 million at the time of writing, since December 2021 in the “second-largest” accumulation they have made over the last 5 years.

According to cryptocurrency analytics firm Santiment, the largest XRP whale accumulation occurred in December 2020, when over 1.2 billion tokens were added to their wallets, to the point the price of the cryptocurrency surged at the time.

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The recent accumulation started with each XRP changing hands for around $0.80, down from a 12-month high close to the $2 mark. After whales started accumulating the cryptocurrency’s price dropped to $0.60, but soon surged to $0.77.

Santiment noted that out of the 336 addresses on the XRP Ledger with over 10 million XRP in their balances, many are likely belonging to cryptocurrency exchanges that hold funds on behalf of potentially millions of users.

Nevertheless, the firm noted the accumulation is “still a notable anomaly.” In November 2021, as CryptoGlobe reported, the total number of transactions processed on the XRP network spiked from 43.3 million in October to 53.3 million in November, while the number of new accounts being created also rose 11.8% to 237,000.

The data came from CryptoCompare’s November 2021 Asset Report, which details that  XRP network activity grew even though the price of the cryptocurrency dropped 10.2% over the month, closing at $0.99.

The number of active addresses on the XRP Ledger surged to a new all-time high earlier this month. Ripple, a dominant player in the XRP ecosystem, has been fighting a legal battle with the U.S. Securities and Exchange Commission (SEC), which sued the firm and two of its executives alleging they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.” 

The lawsuit negatively impacted the price of XRP, as after it was announced most cryptocurrency exchanges started delisting the token to avoid any repercussions, affecting its liquidity.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured image via Pixabay

Source: www.cryptoglobe.com

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