Ripple: Whales bought $2 billion worth of XRP
Glassnode data indicated that whales have interpreted XRP's April recovery and early May downtrend as a signal to buy
Quick overview
- Whales have purchased $2 billion worth of XRP in the last 30 days, interpreting recent market trends as a buying signal.
- Despite this accumulation, XRP's performance has been lackluster, showing only a 1% increase year-to-date and a 35% decline from January highs.
- Major holders sold 370 million XRP in early April, raising concerns about potential insider trading.
- The SEC is currently evaluating whether XRP qualifies as a security, with the New York Attorney General's Office requesting supporting arguments.
Live XRP/USD Chart
Glassnode data indicated that whales have interpreted XRP’s April recovery and early May downtrend as a signal to buy. In total, whales have amassed $2 billion worth of XRP over the previous 30 days, prompting some traders to wonder if some purchases were insider trading.
The altcoin has performed poorly this year. Year-to-date is only 1% higher but 35% lower than its January highs.
Similarly, the token’s inability to sustain its upward momentum in late April and its two rejections of the $2.29 level within a week make it hard to believe that the overall trend will change based on recent market activity. At the very least, the accumulation shows confidence that the token can remain stable before rising again.
Whales offloaded 370 million XRP during the first two weeks of April, making the significant selling by major holders particularly noteworthy.
Meanwhile, the US Securities and Exchange Commission discussed whether XRP qualified as a security.
The New York Attorney General’s Office requested that the agency submit a brief arguing that it did. On Wednesday morning, Coinbase released over 10,000 documents amid Freedom of Information Act requests to the SEC and other agencies.
Shamiso Maswoswe, the chief of the Investor Protection Bureau at the New York State Office of the Attorney General, requested that the SEC submit an amicus brief “in support of the argument that Ether is a security.”
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals