XRP Surges as Whale Holdings Hit All-Time

XRP is breaking away from current market sentiment as it scored a major regulatory victory against the US Securities and Exchange Commission (SEC).

XRP whales registered a new peak in their holdings after the end of the lawsuit between Ripple over the SEC

Whale holdings of XRP have reached an all-time high (ATH) after rising 42% over the past 30 days.

U.S. District Judge Annalisa Torres of the Southern District of New York found that 1,278 institutional sell transactions by Ripple violated securities law and ordered the company to pay $125 million in civil penalties, ending a years-long lawsuit.

Santiment reported that wallets holding 1 to 10 million XRP tokens have reached a new high. These large-holder wallets now hold 7.06 billion coins (worth an estimated $4.42 billion).

📈 XRP’s market cap has skyrocketed once again, growing by +23% in the past 24 hours. Wallets holding between 1M-10M coins on the XRP Ledger now hold an all-time high 7.06B coins ($4.42B), and the project’s social media discussions are at their highest levels since January. pic.twitter.com/QjEzIZGQAJ

— Santiment (@santimentfeed) August 7, 2024

Wallets holding 1 million to 10 million XRP have increased their holdings by 10.%, adding over 662.4 million tokens since the beginning of August.

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Social dominance of Ripple’s native cryptocurrency is also at the highest level recorded since January 30, 2024.

WhaleAlert’s data shows that the crypto whale has purchased 83.3 million XRP (roughly worth $49 million) in multiple transactions over the past 24 hours. The largest transaction recorded by the tracker was a whale that downloaded 60 million XRP (roughly worth $36.8 million) from Upbit.

Alexander Stefanov