Whales are interested in XRP, presumably driven by speculations around Ripple with SEC and improving sentiment
Prominent investors are interested in Ripple & XRP, likely due to rumors surrounding the blockchain’s case with the US Securities and Exchange Commission (SEC) and the rising mood in the digital asset industry.
According to the most recent data given by Santiment and confirmed by famed blockchain enthusiast Ali Martinez, an estimated 50 XRP whales holding between 10-100 million tokens entered the network in the previous month. The investors have amassed around 420 million XRPs valued at more than $185.4 million.
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 @santimentfeed. pic.twitter.com/6L3gBwbdiW
— Ali (@ali_charts) March 19, 2023
The buying rush coincides with several negative macroeconomic reasons, including the banking sector financial crisis in the United States, which recently immobilized critical digital asset networks. Signature Bank and Silvergate Bank shut down their on-off ramp crypto settlements systems, Signet and SEN, more than a week ago.
Notwithstanding the turbulence, XRP has an upward potential, according to CoinMarketCap, where the digital asset has risen +1.85% in the last day and 21.73% in the last week to trade at $0.4389. Experts believe the tendency relates to the highly anticipated case between Ripple and the SEC, particularly the verdicts in comparable cases.
On March 2, a US bankruptcy court in New York denied the SEC’s claims that Binance.offer US to buy Voyager Digital’s assets for $1.3 million amounted to selling unregistered securities. The government specifically argued that the Voyager token (VGX), the crypto lender’s exclusive digital asset, constituted security.
In his decision, presiding judge Michael Lewis stated that the commission’s claims lacked specificity and that the regulators were at odds with one another. ‘‘Regulators themselves cannot seem to agree as to whether cryptocurrencies are commodities that may be subject to regulation by the CFTC, or whether they are securities that are subject to securities laws, or neither, or even on what criteria should be applied in making the decision,’’ Lewis said.
Coinbase, one of the exchanges that delisted the payment taken soon after the suit, most recently hinted at relisting it amid the uncertainty around the case’s result and, more specifically, the exact time the judgment could come. According to Paul Grewal, the company’s chief legal officer, the decision is based on the ruling’s grounds.
Read more:
- Is The SEC Going To Witch-Hunt Tron (TRX) In The Same Way As XRP?
- XRP Price Is Predicted On Easter Day, April 9