Data show that crypto whales are currently trooping into the XRP network, which can be attributed to investors’ optimism in the ongoing lawsuit between Ripple, the San Francisco-based cross-border payment firm, and the United States Securities and Exchange Commission (SEC).
The long-standing lawsuit is expected to end in the first quarter of this year as previously predicted. And there is a high hope within the XRP camp that it could end in Ripple’s favor, which would significantly aid the growth of XRP price in the market.
Citing data from Santiment, Ali, a famous crypto proponent, pointed out that up to 50 whale addresses holding between 10 million XRP and 100 million XRP have been added to the XRP network in the past month.
Ali further revealed that these large crypto holders have accumulated approximately 420 million XRP, worth $155.4 million between them over the past month.
Ali tweeted, “Over the past month, ~50 whales holding 10 million to 100 million XRP have joined the Ripple network. These large investors have purchased around 420 million XRP, worth $155.4 million, shows data from Santiment.”
— Ali (@ali_charts) March 19, 2023
Moreover, the total number of addresses hosted on the XRP network is now standing at relatively 4.6 million. According to Messari, out of these numbers, up to 295 addresses hold at least $10 million worth of XRP, while addresses holding up to $1 million worth of XRP have surged to 955.
At the time of filing this report, XRP is trading at $0.3822, with a relatively 1% price downtrend in the last 24 hours, according to CoinMarketCap.