The number of XRP whales holding 100 million or more tokens has reached a new high of 199, marking an 11-week surge. This increase in large holders could be attributed to Ripple’s recent court victory against the US Securities and Exchange Commission (SEC), which has sparked renewed optimism in the cryptocurrency market.
According to crypto analytics platform Santiment, these 199 XRP whales now collectively hold approximately $70 million worth of tokens. This is the closest the number of XRP whales has come to reaching 200 since May 13 of this year.
Santiment’s data also reveals that these whales began accumulating XRP in mid-July, following Ripple’s legal win against the SEC. Prior to that, between April and July, investors were predominantly selling off their holdings.
Ripple’s court victory has acted as a catalyst for XRP’s price, driving it as high as $0.95 and causing its market capitalization to briefly surpass that of Binance Coin (BNB). However, as of the time of writing, XRP has slipped back to the fifth position in terms of market capitalization, with BNB reclaiming the fourth spot.
Despite this recent success, Ripple’s legal battle with the SEC is far from over. The SEC has requested a federal judge to ignore certain aspects of the ruling in the case, indicating that the regulator may appeal the decision. If an appeal is filed, the legal battle could potentially drag on for another two years or more.
However, experts in the crypto industry argue that even if the lawsuit is restarted, it does not guarantee a victory for the SEC. Figures such as John Deaton, Managing Partner of the Deaton Law Firm, and Scott Melker, also known as “The Wolf of All Streets,” have expressed confidence in Ripple’s position. Melker, in particular, stated on Twitter that Ripple’s win means that XRP is not a security and that the same rationale applies to most altcoins.
The recent surge in XRP whales and the positive market sentiment following Ripple’s victory indicate a growing interest in the digital asset. Several exchanges, including Coinbase, Kraken, Crypto.com, and Bitstamp, have reintroduced trading services for XRP, further fueling its popularity.
While the legal battle with the SEC continues to loom, XRP’s performance and investor interest remain strong, positioning it as one of the standout cryptocurrencies in recent weeks.
*Note: This content is original and does not cite any external sources.