XRP Whales’ Holdings Reach All-Time High Following Ripple’s Victory Over SEC

Ripple’s XRP has diverged from current market trends after securing a significant regulatory victory against the SEC.

Sophia Cruz•Thursday, August 8, 2024•1 min read

Ripple’s XRP has diverged from current market trends after securing a significant regulatory victory against the SEC. XRP whale holdings, on the other hand, reached an all-time high following a massive 42% gain over the past 30 days.

XRP Whales’ Holdings Reach All-Time High Following Ripple’s Victory Over SEC

US District Judge Analisa Torres of the Southern District of New York ruled that 1,278 institutional sale transactions by Ripple violated securities laws and ordered the blockchain firm to pay $125 million in civil penalties, concluding the prolonged lawsuit.

Santiment reported wallets holding 1 million to 10 million coins on the XRP Ledger (XRPL) have reached a new high, now holding 7.06 billion coins (approximately worth $4.42 billion). These whale wallets have increased their holdings by 10.4%, adding more than 662.4 million coins since the beginning of August. XRP’s social dominance is also at its highest level since January 30, 2024.

WhaleAlert data shows that crypto whales purchased 83.3 million XRP (approximately worth $49 million) in multiple transactions over the last 24 hours. The largest transaction recorded by the tracker was a whale acquiring 60 million XRP (approximately worth $36.8 million) from Upbit.

Meanwhile, XRP’s price surged by 25% in the last 24 hours, breaking through several resistance levels. Its 24-hour trading volume soared by over 200%, reaching $5.055 billion. XRP is currently trading at an average price of $0.61.

According to data from Coinglass, over $11.23 million worth of positions tied to XRP price action were liquidated in the past 24 hours. Of these, more than $6.40 million (57%) were short positions, indicating that traders were expecting XRP to continue its downward trend. However, the token’s price jumped due to the legal victory against the SEC.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.