Whales Accumulate XRP Despite Conflict Between SEC And Ripple

In the first quarter of 2021, XRP whales continued to accumulate tokens, ignoring the uncertainty associated with litigation.

May 7, 2021, | AtoZ Markets The number of whale wallets (balance of 10+ million XRP) increased by 11 in the first quarter of 2021. The Ripple company announced this in its blog. So, in the first three months of 2021, the number of large wallets increased from 308 to 319. The number of wallets with a balance of 1 million XRP to 10 million XRP also increased. Their number increased by 71 wallets to 1196.

Blue line - wallets with a balance of 1 million XRP, yellow - from 100,000 XRP. Source: santiment.net

Along with wallets, on-chain activity is also growing. The number of active wallets in daily terms compared to last year increased tenfold to ~ 20,000 wallets.

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Source: santiment.net

According to Ripple, in the first quarter, the total amount of payments in the XRPL distributed ledger was $62.3 billion, which is a 23% increase over the previous quarter. Moreover, the total number of wallets in the ledger increased by 15% from 2.35 million to 2.70 million.

Ripple vs. SEC

The growth in the XRP ecosystem is taking place despite the uncertainty surrounding the outcome of the litigation between Ripple and the US Securities and Exchange Commission (SEC). We will remind, earlier the SEC threatened the XRP holders with claims if they continue to intervene in litigation.

SEC threats were made after XRP investors appealed to the District Court of Rhode Island with a request for the prescription of the highest court in relation to the regulator. According to investors, the SEC caused them irreparable damage by its actions.

Ripple stressed that the current approach of the regulator has caused "serious damage" not only to XRP hodlers in the US, but also to developers, content providers, and small businesses. Recall that in mid-December last year, the SEC  filed a lawsuit against Ripple. The regulator accused the company and its management of selling unregistered securities under the guise of XRP tokens.

At the time of writing, the price of XRP is trading at $1.59.

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