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Major Investors Place Significant Bets on Ripple, Amassing 360 Million XRP

Large investors in Ripple have accumulated XRP valued at $223 million during a phase of price stagnation for the cryptocurrency.

XRP

Large Investors Amass 360 Million XRP


Ali Martinez, BeInCrypto's Global Head of News, highlighted that whales have accumulated a substantial amount of XRP valued in the millions. This accumulation aligns with a minor dip in the price of XRP.


“Ripple whales have bought around 360 million XRP over the past week, worth roughly $223 million,” said Martinez.

Despite the lack of significant price movement, XRP has shown an 82% increase year-to-date, reflecting a consistently positive trend throughout most of the year.


XRP

Photo from Coinmarketcap


Observers in the market indicate that the recent buying activity by whales has the potential to strengthen the XRP price. This surge in buying may temporarily diminish market supply and instigate a price uptrend, possibly reaching around $0.75 in the days ahead.



Ripple Discloses Offer for Settlement with the SEC


While there is a noticeable accumulation of XRP by whales, Stuart Alderoty, Ripple’s Chief Legal Officer, revealed that the SEC had put forth a settlement proposal before initiating the lawsuit in 2020.


The SEC's proposal involved publicly classifying XRP as a security and allowing a brief period for market compliance. However, Ripple declined the offer on two main grounds. Firstly, the company asserted that XRP does not meet the criteria for classification as a security. Secondly, Ripple argued that the SEC lacked a comprehensive framework for cryptocurrency compliance.


Alderoty stressed that throughout the case, their primary goal remained consistent – to demonstrate that XRP does not fall under the definition of a security.


“We put everything on the line. Few thought we would win. But we did. In the process we exposed the SEC for the hypocritical tyrant it is and the industry in the U.S. lived to fight another day,” Alderoty added.


Article Photo from Freepick

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