The slight crash of the crypto market is presenting opportunities to many as they embark on an accumulation spree for Ripple (XRP).
In what is described as the largest XRP accumulation in the last five years, a total of 336 addresses currently hold over 10 million Ripple coins, Santiment Feed reports today. while in total 897M XRP have been accumulated Since Dec 2021
“The second-largest $XRP accumulation by top-tier whales in the past five years is in progress. There are currently 336 #XRPNetwork addresses that hold 10M $XRP or more.”
From Dec 2021 till today, 10M plus XRP addresses accumulated 897M XRP. A little less than in Nov-dec 2020 when whales accumulated 1.29B XRP. Following three months after accumulation (Nov-dec 2020) the largest XRP price bounce against BTC occurred.
While most of the addresses are believed to be owned by cryptocurrency exchanges, the accumulation of the sixth-largest cryptocurrency seems a move that bodes well for Ripple.
XRP, which peaked at $3.4 in 2018, has fallen over 76% ever since. Most of its crash was caused by a lawsuit filed against the blockchain company by the Securities and Exchange Commission (SEC).
The major case prompted several United States-based exchanges to halt support for the coin, as they fear not taking stringent action against XRP could result in sanctions.
Interestingly, the XRP community, popularly referred to as XRPArmy, has stood solidly behind the coin, accumulating it at will whenever its price dips.
Most supporters are buying the XRP dip hoping that its value will surge tremendously when the SEC lawsuit finally ends, as analysts have predicted an imminent increase in value for the sixth-largest cryptocurrency.
XRP Ripple BREAKING news today 🚨 SEC CHANGES THEIR STORY 🚨Hinman Speech Not Just Personal Opinion!
Ripple is still enduring a legal war against the SEC despite reiterating that its coin is not a security.
However, the commission is confident that Ripple referred to XRP as an investment contract to lure investors to purchase crypto assets.
Latest developments, especially the directive from Judge Analisa Torres requesting the unsealing of key documents that will prove XRP is not a security, have made supporters stand firm with Ripple.
According to attorney Jeremy Hogan, the lawsuit may probably end in a settlement like others in the past.
Hope they all end up in Court along with many others who Spied on Trump
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