According to CoinMarketCap (CMC) data, Ripple (XRP) is currently trading at $0.4771, up by 3.51% in the past 24 hours. The 6th largest digital currency in terms of market capitalization has been in a massive move as whales seem to be buying the XRP dip as they try to accumulate millions worth of the token.
Whales Accumulation Of Millions Worth of XRP
As reported by the most advanced blockchain tracker and analytics system, Whale Alert, major wallet addresses have been busy accumulating a large number of XRP coins. Whales moved more than 158 million tokens in just three transactions in the past 8 hours. The largest transaction on the move is worth more than $32 million, with over 68 million XRP tokens that involved the Luxembourg-based cryptocurrency exchange, Bitstamp. The second-largest transaction recorded is worth roughly $28 million and sent 60 million tokens. The last transaction was worth approximately $14 million and sent 30 million XRP tokens that involved the Mexico-based cryptocurrency exchange, Bitso.
Whale Alert also reported that 100 million units of the altcoin worth around $45 million were moved from a wallet named “Ripple” to an unknown digital address. Momentum builds for XRP whales as the total value of all cryptocurrencies crossed the $1 trillion mark once again.
Ripple’s Major Breakthrough In Legal Battle Against The SEC
In December 2020, the securities regulator, U.S. Securities, and Exchange Commission (SEC) sued Ripple and two of its executives, accusing the company of violating securities laws when it offered XRP to investors in its initial coin offering (ICO). SEC classified the sale of its XRP token as unregistered securities. Ripple contested that the SEC had no legal basis for requiring it to register XRP as a security.
With the recent development of the case, Ripple is moving closer to a victory as the SEC is forced to hand over the Bill Hinman documents. The documents affiliated stated that Bitcoin and Ether are not securities. Ripple, taking a similar stance, believes this would help strengthen its argument that XRP should not be considered a security.
It’s hard to predict what will happen with XRP’s price accurately. But there is a lot of speculation that the price could rally if Ripple Labs wins its court case. The case between the SEC and Ripple could end in the next year, which would be a good sign for XRP’s price and growth. With the recent whale activities involving XRP, it makes sense that large investors are beginning to accumulate XRP tokens as they can while prices dip.