XRP whales begin to liquidate part of their holdings amid regulatory uncertainty surrounding Ripple

According to Coin Metrics, the number of wallet addresses containing at least 1 million XRP has dropped to 1,567 from 1,721 between December 21, 2020, and January 3. The SEC is against Ripple.

XRP whales begin to liquidate part of their holdings amid regulatory uncertainty surrounding Ripple

As the following chart from Coin Metrics illustrates, XRP’s number of wallet addresses containing 1 million tokens has increased steadily since the beginning of 2019 before plummeting towards the end of December. Addresses holding at least 1 million XRP are at their lowest level since October 2019.

xrp-whales-begin-to-liquidate-part-of-their-holdings-amid-regulatory-uncertainty-surrounding-ripple

Addresses holding at least 1 million XRP | Source: CoinMetrics

XRP holders were puzzled by SEC allegations that Ripple violated regulations by selling unregistered securities worth $ 1.3 billion. The lawsuit initiated by the securities regulator caused the price of XRP to fall by more than 70% as exchanges and fund managers began to move away from the project.

On Tuesday, Grayscale Investments announced that their Digital Large Cap Fund had fully liquidated their XRP holdings. Bitwise Asset Management even removed XRP from its pre-Christmas holdings.

XRP price has been in constant decline in recent days. At press time, XRP is trading around $ 0.22, recording an 11% gain over the past seven days but a close 3% decline over the past 24 hours. Furthermore, XRP is almost surpassed by Litecoin in the market cap rankings. LTC quickly overtook XRP to take fourth place over the weekend. At press time, XRP’s market cap is just $ 140 million higher than that of Litecoin.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS