Despite SEC’s Drama, XRP Is Still Up 60% This Year

According to the data provided by CoinGecko, XRP, the eighth-largest cryptocurrency by market cap, remains up 60% so far this year despite the challenging year initiated by the United States Security and Exchange Commission (SEC).

When compared to the likes of Bitcoin (BTC) and Ethereum (ETH) which are up 147% and 550% respectively this year, 60% might seem a meager price growth. However, the fact that XRP is still holding up despite SEC’s drama is commendable.

Around this time in December 2020, the SEC unveiled its lawsuit against Ripple for allegedly raising more than $1.3 billion through an unregistered securities offering. Ripple is fighting suit, saying that XRP should not be considered a security. Ripple CEO Brad Garlinghouse believes the case would conclude in 2022.

This move against XRP by SEC had it delisted from several crypto exchanges in the United States, including Coinbase. Recently, Canadian crypto exchange Bitbuy announced it was going to delist XRP on 13th January 2022.

Crypto Whales Continue To Accumulation XRP

As indicated by on-chain analytics firm Santiment, XRP whales have increased their holdings by nearly 6% since September and are currently sitting on 3.31 billion XRP.

Santiment tweeted, “XRP is currently sitting at about $0.81, but smart money whale millionaires have kept up their one-year trend of accumulating more supply. Addresses with 1M to 10M $XRP hold 3.31B, including a 6% increase to their holdings in the past 3 months.”

XRP whales began accumulating nearly a year ago when XRP steadily dipped to lows around $0.16. This timing also fell during the period in which the SEC unveiled its lawsuit against Ripple.

At the time of filing this report, XRP is trading at $0.8349, with a 4.42% price upsurge in the last 24 hours.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.