Santiment, an on-chain analytics company, draws attention to odd whale behaviour for XRP, the fifth-largest cryptocurrency. Santiment claims that XRP is one of several assets that has seen an increase in whale activity as they want to profit from the reduced pricing.
XRP fell 2.16% to $0.585 on the previous day, in line with the falls in the price of cryptocurrencies. The value of the cryptocurrency has decreased by 7% during the past week.
Since reaching highs of $0.947 in the wake of the historic July 13 decision that classified the asset a nonsecurity, XRP has seen severe falls. In yesterday’s session, XRP hit lows of $0.574, down over 39% from its high.
The similar situation may apply to XRP given that whales, or huge investors, sometimes take advantage of drops to accumulate at reduced rates.
Whale activity has lately increased, according to Santiment, and this may be the long-awaited buildup.
As expected, whale activity on XRP has increased to levels not seen in some weeks. According to the graphic provided by Santiment, there were 22 instances of whale transactions for more than $100,000 and one enormous whale trade worth more than $1 million in the last day for XRP. When XRP had a significant spike in its wealthy whale population in late July, this level of activity was last observed.
As previously reported by Santiment, on July 23 there were 199 XRP mega addresses containing more than 100 million XRP, which is the greatest number of such wallets since May 13. This demonstrated an increase in investor interest as XRP rose to the top of the July popular topics list.
Ripple opposes SEC’s appeal bid
Ripple has submitted a move in response to the SEC’s expected petition for permission to pursue an interlocutory appeal, which is the most recent step in the SEC litigation.
Brad Garlinghouse and Chris Larsen, two executives of Ripple, also submitted their resistance to the SEC’s request for a stay of all proceedings pending appeal and to file an interlocutory appeal.
Programmatic offers and sales to XRP customers through trading platforms and other outlets were the subject of a letter that the SEC sent on August 9 describing its justification for submitting an application for leave to initiate an interlocutory appeal.
