• Sat. Jun 22nd, 2024

SEC-Ripple Legal Tussle Persists, XRP Ledger Exceeds 5 Million Wallets

Maria Bartiromo

ByMaria Bartiromo

Jan 27, 2024

Amid the United States Securities and Exchange Commission (SEC) legal suit with Ripple, the XRP Ledger has recently surpassed the 5 million different wallet mark. Santiment research indicates that this accomplishment emphasizes the growing interest in and use of digital assets and XRP’s resiliency.

Ripple says there are 5.02 million unique wallets on the XRP Ledger, each with more than 0 Ripple tokens. XRP has maintained its position as the 6th biggest cryptocurrency in market capitalization.

Report says that the number of wallets with XRP doubled in the last three years, thus causing a significant 104% increase over time. The rapid growth in the wallet holding explains the growing expansion of the XRP Ledger network.

XRP Increase by 104%, Whales Moves 59 million XRP

However, most cryptocurrency whales have continued to move significant amounts of XRP tokens in the wake of recent price increases. According to the data by WhaleAlert, XRP whales have moved over 59 million units of XRP tokens worth approximately  $30 million to multiple cryptocurrency exchanges in more than one transaction.

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Coin Live’s analysis shows that transactions on XRP have remained constant, accounting for 5 million in 2022. Also, the value of XRP has increased by 65% within a year. Several predictions have envisioned the price of XRP at $27, linking the proposed outcome of Ripple’s legal battle with the SEC.

Edmund from Coin Live has also predicted a 1,500% increase in the price of XRP if the BTC breaks its primary level. Considering Edmund’s latest price chart pattern, XRP is also expected to make a major bullish move.

Brad Garlinhouse Comment on Plans, XRP Set for Bull Run

Amid growing selling pressure, the price of XRP has remained bullish after suffering a slight pushback; hence, it is getting ready for the next significant price move, which is anticipated anytime soon.

Brad Garlinhouse, CEO of Ripple, has withdrawn earlier plans for a United States IPO expected to happen this January. Brad believes that many cryptocurrency exchanges will dare to re-list the XRP into their trading list by achieving legal stands. He referred to Coinbase’s IPO on Bitcoin in 2021.

In his recent comment on his X post, Bryan Cave Leighton Paisner LLP partner, Renato Mariotti hinted on Ripple’s past victory, and how it may influence how the SEC will approach other cryptocurrency cases in 2024. He wrote that regulatory uncertainties will continue amid the previous SEC’s legal loss against Ripple.

XRP Releases Green Index, Records 14% Increase in Trading Volume

The cryptocurrency community closely monitors events that may further influence Ripple and the larger cryptocurrency market while Ripple’s legal struggle plays out. Meanwhile, XRP has released a 24-hour green index after a long while.

The token has experienced a downward trend in its price in the last 30 days. XRP is trading at $0.52 as of press time, with a 14% increase in its latest trading volume. This activity has been linked to a growing interest in the cryptocurrency trader’s community.

WhaleAlert also stated that they’d tracked 30.4 million units of XRP worth $15.5 million to Bitstamp exchange. This is the biggest XRP asset that has been moved in recent times. This indicates that whales may be unpacking their assets as the price of XRP continues to rise.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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