According to recent data provided by the on-chain data analytic firm Santiment, crypto whales have been on the XRP accumulation spree since the beginning of the year, representing the second-largest accumulation of the cryptocurrency since its emergence. This seems like an indication that whales are being optimistic of a favorable outcome in the ongoing lawsuit between Ripple and the SEC.
According to Santiment, the current accumulation of XRP by whales is the second-largest in the past 5 years. Based on the report, 336 XRP Network addresses are currently holding 10 million XRP or more.
The firm noted that most of these wallets likely belong to exchanges, but it’s very unusual, indicating a growing interest in holding the embattled cryptocurrency resolutely.
Santiment tweeted, “The second largest XRP accumulation in the past 5 years by top tier whales is in progress. There are currently 336 XRP Network addresses that hold 10M XRP or more. Many of these undoubtedly belong to exchanges, but this is still a notable anomaly.”
🐳 The second largest $XRP accumulation in the past 5 years by top tier whales is in progress. There are currently 336 #XRPNetwork addresses that hold 10M $XRP or more. Many of these undoubtedly belong to exchanges, but this is still a notable anomaly.📊 https://t.co/tKBc7FSVVA pic.twitter.com/kCxtEsNgxO
— Santiment (@santimentfeed) February 18, 2022
It Will Be Too Late To Wait For Ripple-SEC Lawsuit Outcome
A couple of days ago, a popular pseudonymous crypto analyst, Credible Crypto, predicted that the price of XRP is poised to explode once the lawsuit between Ripple, the US-based cross-border payment firm, and the United States Securities and Exchange Commission (SEC) is concluded.
In an interview with Thinking Crypto, the analyst stated that there are big fundamental reasons to keep holding XRP, believing that it could be too late if people wait for the outcome of the ongoing lawsuit between Ripple and the SEC before buying XRP.
Credible Crypto noted:
“XRP is one that doesn’t look that great right now… I think that we’re probably going to go for these lows here ($0.50) and push into… this weekly level of demand that we have here. Again, this level is significant because from this level we saw a major move to the upside after what was essentially about six months of consolidation…
“The reason why I still hold such a massive amount of XRP despite the sluggish price action is that I now kind of see it as a hedge against the rest of the market.
“If this SEC lawsuit ends – and I think it will, I don’t know when – but I think it will end ultimately favorably for Ripple and XRP and when it does end, XRP will essentially be the only crypto asset with regulatory clarity in the United States…
“When the case does get settled, you can expect XRP’s price to absolutely pop. So if you’re waiting to hear the outcome of the case to jump in, you’re going to be too late. So you’re placing your bets right now and if your bet pays off and XRP wins, XRP is going to rocket, and then everything else is at the mercy of the SEC, and we don’t know what’s going to happen.”
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