How XRP whales are preparing for Ripple win against SEC
- Ripple whales holding between 100 million and 1 billion XRP tokens have been accumulating the altcoin since March 7.
- Daily active addresses on the XRP network have increased consistently over the past week, signaling rising activity in Ripple.
- Experts are bullish on Ripple’s win with Messari CEO backing the payment giant in a recent tweet.
Ripple has garnered support from several experts and influencers on crypto Twitter in its legal battle with the US financial regulator, the Securities and Exchange Commission (SEC). Messari CEO Ryan Selkis expressed his support for the payment giant in a recent tweet.
The recent XRP accumulation by large wallet investors has supported the bullish thesis for the altcoin.
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XRP whales are accumulating the altcoin
Based on data from crypto intelligence tracker Santiment, large wallet investors in the XRP network holding between 100,000 and 1 billion XRP tokens have been consistently accumulating the altcoin since March 7.
As seen in the chart below, three different segments of the altcoin’s holders increased their XRP holdings over the past two weeks.
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XRP price v. Whale accumulation in different segments
Typically, whale accumulation is considered a bullish sign for an asset. It supports the bullish thesis for Ripple with influencers and experts voicing their support for the payment giant’s win in the lawsuit.
Ryan Selkis, CEO of Messari recently tweeted:
I've been critical of Ripple in the past (various reasons), but more aligned with them than ever before.
— Ryan Selkis (@twobitidiot) March 21, 2023
Ripple should win the overreaching XRP-SEC case, and the XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally.
Demand is there! https://t.co/fewaEami0p
Find out more about the SEC v. Ripple lawsuit here.
Another metric that supports XRP’s bullish potential is the rise in daily active addresses. After the spike observed on March 19, Daily Active Addresses on XRP network have climbed consistently, this points at higher utility and relevance of the chain among crypto market participants.
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Daily Active Addresses on XRP
With on-chain metrics showing a sustained increase over the past two weeks, the narrative of Ripple’s win against the SEC has gained popularity. XRP holders are bullish on the cross-border remittance firm’s win against the US financial regulator.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
