The number of whales on the XRP Ledger has increased recently, at a time when big investors have been buying the cryptocurrency aggressively, probably hoping for a win in the legal dispute between Ripple and the U.S. Securities and Exchange Commission.
There are 50 new whale addresses on the XRP Ledger, holding between 10 million and 100 million XRP, valued at between $3.8 million and $38 million at the time of writing, according to data from on-chain analytics company Santiment, which was first revealed by well-known cryptocurrency analyst Ali Martinez.
The expert also noted that during the previous month, major cryptocurrency investors have collected 420 million new tokens worth $155 million, indicating that whales are preparing for a significant price shift.
Even though cryptocurrency investment products have seen record withdrawals, institutional cryptocurrency investors have increased their wagers on products that provide them exposure to Solana ($SOL) and XRP, as CryptoGlobe reported.
A total of $400,000 was invested in investment products with exposure to Solana, while $30,000 was invested in investment products with exposure to XRP. Notably, investments in Polygon ($MATIC) products also received $100,000. This occurs during a week in which net outflows from crypto goods reached a record-breaking $255 million.
As Ripple’s Chief Legal Officer Stuart Alderoty said that the most recent decision in the SEC litigation against Ripple has given him more confidence than ever about Ripple’s chances of winning, XRP has been doing well.
Alderoty’s confidence increased after Judge Analisa Torres’ recent 57-page decision on the SEC and Ripple’s arguments to exclude expert testimony from summary judgment.
As the SEC has accused Ripple of selling XRP as an unregistered security, the outcome of the lawsuit is expected to have a substantial impact on the price of XRP and the future of cryptocurrency in general.
The legal team for Ripple has argued that the utility, liquidity, and distribution of XRP make it incompatible with securities laws, and that classifying it as a security would directly undermine its purpose.
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