dollar XRP Whales Keep Accumulating Even as its Price Moves up 47pervent in a Month
Categories: Crypto News
$XRPWHales Keep Accumulating Even as its Price Moves up 47% in a Month
According toblockchain analytics firm Santiment, the price ratio of XRP to the flagship cryptocurrencyBitcoin has hit a one-year high of 0.000025 on optimism surrounding apotential ruling in the case. Nevertheless, active shark and whale addressesholding between 1 million and 10 million XRP have maintained an ongoingaccumulation trend that started in late 2020
The ongoingaccumulation trend has likely benefitted XRP sharks and whales, as datashows that the cryptocurrency has seen its price surge around 47% over the past30 days as both Ripple and the SEC are looking for a ruling in theirlong-running legal battle through a so-called summary judgment, according torecently filed documents.
The filingssuggest neither party wants the legal action to continue to a full trial. The SECsued Ripple and two of its executives in 2020, alleging they soldunregistered securities when they issued $1.3 billion worth of XRP tokens.Ripple denies XRP is a security.
In the case,a major point of contention emerged over a speech from former senior SECstaffer Bill Hinman, who explained in 2018 that he didn't consider topcryptocurrencies BTC and ETH to be securities. Ripple has been seeking toobtain documents and communications related to the speech, which the SEC hasbeen trying to shield.
Ripple hasrecently argued that XRP tokens cannot be considered securities as there was no"investment contract" given to investors that outlined theirrights or obligations. In a recent interview, Ripple CEO Brad Garling housenoted that the SEC has "lost its way."
Earlier thisyear, Ripple's CEO Brad Garling house noted that he believed the companywould prevail in its legal battle against the regulator.
Ripplesettling the lawsuit could lead to an XRP supply shock, which presumably wouldlead to a price surge as demand would remain the same, while supply plunged.That's according to legal expert and XRP supporter Jeremy Hogan, who has beenfollowing the case.