Whales appear to leverage the stagnant price action of XRP to secure discounted purchases. The most recent acquisition of over 360 million tokens coincides with amplified censure aimed at the US Securities and Exchange Commission (SEC) by Ripple executives.
Over the past week, crypto whales were spotted buying XRP aggressively, signaling that a spike in price volatility is underway.
Whales Accumulate 360 Million XRP
Ali Martinez, BeInCrypto’s Global Head of News, pointed out that whales have amassed a significant number of XRP worth millions. This acquisition coincides with a slight downturn in the price of XRP.
“Ripple whales have bought around 360 million XRP over the past week, worth roughly $223 million,” said Martinez.
Despite the spike in buying pressure, BeInCrypto’s pricing data shows XRP trades at roughly $0.61694, marking a 1.05% decline in the past 24 hours, and over the past month, it has experienced a marginal decrease of 0.36%.
Although prices remain stagnant, XRP is up 82% year-to-date, demonstrating a positive trajectory for most of the year, up 82% on the year-to-date metric.
Whales Accumulate XRP. Source: Santiment
Market observers suggest the recent buying spree from whales could bolster the XRP price. It could temporarily reduce market supply and trigger a price upswing toward $0.75 in the coming days.
Ripple Reveals SEC Settlement Offer
While whales appear to be accumulating XRP heavily, Stuart Alderoty, Ripple’s Chief Legal Officer, disclosed that the SEC had proposed a settlement before initiating the lawsuit in 2020.
The SEC’s proposal involved publicly categorizing XRP as security and allowing a brief window for market compliance. However, Ripple rejected the offer based on two key points. First, the firm asserted that XRP does not qualify as a security. Second, the SEC lacked a comprehensive framework for crypto compliance.
Alderoty emphasized that throughout the case, their primary objective remained consistent. Ripple wanted to demonstrate that XRP does not fit the definition of security.
“We put everything on the line. Few thought we would win. But we did. In the process we exposed the SEC for the hypocritical tyrant it is and the industry in the U.S. lived to fight another day,” Alderoty added.
Earlier this year, Ripple secured a pivotal victory against the SEC over the XRP classification. Judge Analisa Torres ruled that the programmatic sales of the asset do not constitute an offer or sale of an investment contract.
