According to on-chain analytics platform Messari, total XRP wallet addresses have surpassed 4,350,000. The development comes at a time when whales are picking up huge sums of the popular altcoin.
Despite Ripple’s recent legal successes in its ongoing lawsuit with the SEC, XRP has failed to capitalize on the position. Despite gaining over 2% in the previous 24 hours, the asset is still down 1.6% in the last week.
The altcoin has fallen 5.3% over the past 14 days and 7% over the past 30 days. The 6th largest digital currency by market value has seen a 58.1% year-to-date loss.
Whales Ride the Dip
Meanwhile, whales are trying to collect millions of dollars worth of XRP by buying the dip whenever it strikes. More than 105 million XRP have been added to major cryptocurrency wallets in the past 24 hours, according to data compiled by Whale Alert. It is estimated that the total worth of all XRP held by whales is $48.3 million.
So far, the largest addition of XRP has been valued at $25.8 million on the crypto exchange Bitstamp.
While this was occurring, the whale tracker also revealed that 100,000,000 XRP were transferred from a wallet with the name “Ripple” to an unidentified wallet. About $45.4 million changed hands in this transaction.
In light of the current price collapse, over 205 million XRP have been transferred to various untraceable wallets.
SEC v. Ripple Case Still a Test for XRP
Meanwhile, there have been no new developments in the SEC v. Ripple lawsuit to point out the way it is heading to. Investors were concerned due to a lack of information. There is growing speculation as to whether the SEC and Ripple will reach a settlement or continue their legal war.
In light of recent Amicus brief submissions, the Court now has access to a new perspective on XRP’s applications. A slew of firms, including I-Remit, TapJets, and SpendDBits, have submitted Amicus papers arguing that XRP does not pass the Howey Test’s third requirement.
Whether the SEC and Ripple reach a settlement or proceed to trial may depend on the outcome of the legal case.
