Since Ripple’s partial legal triumph over the U.S. Securities and Exchange Commission (SEC), XRP has had the most significant single-day whale accumulation. Leading analytics platform Santiment, in it’s latest update, revealed a spike in whale activity on the XRP Ledger, processing 217 million-dollar whale transactions as of January 31.
This development has been described as a notable increase in investor trust and involvement.
A recent post on X by Santiment highlighted the astounding increase in whale accumulation inside the XRP ecosystem. Following recent legal developments involving Ripple and the SEC, whale accumulation has significantly increased.
Binance CEO Says They Ceased XRP Worth $4.2 Million
According to Santiment, XRP would be a better candidate should there be a bounce in the price of Bitcoin. The coin had dropped below the significant support level to $0.5 after the price of Bitcoin dropped. The coin is currently looking good, as the market is starting to show signs of recovery. It is believed that the XRP will be starting it’s bull run at $0.59.
These whales do not seem to be worried amid the stagnant price of the XRP. Data from Santiment says that the number of wallets holding at least 10 million units of XRP tokens amounts to 67.2% of the available total supply. This is the highest since December 31 2022.
In his latest post on X, Richard Teng, the present Binance CEO, said that his company has managed to cease XRP worth $4.2 million. The said ceased assets are part of the profits from the current XRP breach. The so-called breach happened to Chris Larsen’s (the Ripple co-founder) account, costing him over 213 million tokens.
Market Turbulence Continues, Binance Boss Assures Larsen of Assets Recovery
XRP increased to $1 after the court decision demonstrated XRP holders’ faith in the project’s future and regulatory compliance. The increase in whale accumulation adds credence to the notion held by institutional investors that XRP’s legal ambiguities are progressively being resolved.
The market dynamics are expected to continue turbulence as XRP seeks clarity in its legal position and navigates the regulatory framework. The Binance boss also assured that the team at Binance will try their best to recover the rest of the funds using every medium necessary.
Teng also added that they are currently tracking the funds in the hacker’s external address in case they move to deposit the stolen assets into Binance. These hackers were said to have breached Larsen’s account and moved his assets to HitBTC, MEXC, Kraken, Gate, and OKX exchanges.
XRP Prepares to $0.70, Whales Accumulates 27.05 Billion Since 2023
The spike in whale transactions on the XRP Ledger indicates major investors’ growing confidence after favourable legal developments. FX Empire has disclosed that between November 6 and October 24, XRP whales possessing up to 100,000 – 1 billion XRP added more XRP worth over 1.26 billion XRP.
This development summed up the reason behind XRP’s impressive performance in 2023. The latest accumulation has summed up XRP whale’s total accumulation to 27.05 billion units XRP since 2023.
This development is explained as the XRP repositioning for a higher price gain. Meanwhile , Ibrahim Ajibade from FX Empire has predicted that the latest accumulation will propel the price of XRP to move closer to the $0.70 price mark.