‘Second-Largest’ Accumulation of 900M Tokens Experienced by $XRP Whales

Time Stamp: February 19, 2022 6:58 AM
Source Node: 1180612

'Second-Largest' Accumulation of 900M Tokens Experienced by $XRP Whales

December 2021 marks the time since XRP whale addresses are holding over 10 million tokens or more have amassed about 900 million $XRP. It is valued to be around 700 million US dollars, in the ‘second-largest’ accumulation they have achieved in the past five years.  The greatest XRP whale accumulation, in accordance with the cryptocurrency analytics firm Santiment, occurred in December 2020. When more than 1.2 billion tokens were added to their wallets, causing the price of the cryptocurrency to soar at the moment. The latest accumulation began with each XRP trading for roughly $0.80, a drop from a 12-month peak above the $2 mark. The cryptocurrency’s price fell below $0.60 after whales began accumulating it but quickly rebounded to $0.77. 🐳 The second largest $XRP accumulation in the past 5 years by top tier whales is in progress. There are currently 336 #XRPNetwork addresses that hold 10M $XRP or more. Many of these undoubtedly belong to exchanges, but this is still a notable anomaly.📊 https://t.co/tKBc7FSVVA pic.twitter.com/kCxtEsNgxO — Santiment (@santimentfeed) February 18, 2022 As stated by Santiment, many of the 336 addresses on the XRP Ledger with more than 10 million XRP in their balances belong to cryptocurrency exchanges that store funds on behalf of potentially millions of customers. Nonetheless, the company stated that the buildup is a “notable anomaly.” The total number of transactions performed on the XRP network increased from 43.3 million in October to 53.3 million in November 2021, while the number of new accounts registered increased 11.8 percent to 237,000. A November 2021 dated Asset Report shows that XRP network activity increased despite the cryptocurrency’s price falling 10.2 percent throughout the month, finishing at $0.99. Earlier this month, the number of active addresses on the XRP Ledger reached an all-time high. Ripple, a key participant in the XRP ecosystem, has been embroiled in a legal battle with the SEC. The Securities and Exchange Commission has accused the company and two of its executives of “raising over $1.3 billion through an unregistered, ongoing digital asset securities offering.” The lawsuit had a detrimental influence on the price of XRP since, once it was publicized, most cryptocurrency exchanges began delisting the token to prevent any ramifications, affecting its liquidity.

The post ‘Second-Largest’ Accumulation of 900M Tokens Experienced by $XRP Whales appeared first on Cryptoknowmics-Crypto News and Media Platform.

Time Stamp:

More from Cryptoknowmics