• There has been a surge in the number of XRP whales owning at least 100 million tokens, reaching 199 according to Santiment.
• This may be due to Ripple’s court victory against the US Securities and Exchange Commission (SEC), which increased the price of XRP and invigorated the overall crypto market.
• Prior to their accumulation mode in mid-July, investors had been selling off their tokens between April and July.

XRP Whales on the Rise

According to Santiment, XRP whales have started accumulating assets en masse ever since Ripple’s victory in court against the US Securities and Exchange Commission (SEC). The number of XRP whales now owning 100M+ tokens has surged to 199, marking an 11-week high.

Victory Against SEC Fuels Price Increase

Ripple’s win over the SEC acted as a catalyst for an increase in the price of XRP, with its market capitalization briefly surpassing that of BNB’s. The major win also renewed optimism within the entire cryptocurrency space.

Accumulation Mode Activated

Santiment determined that participants had begun an accumulation mode in mid-July when Ripple won its landmark victory against the US SEC. Before this period (between April and July), investors were predominantly dumping their holdings. Calculated at current prices, each whale’s stash equals approximately $70 million USD.

Previous High Reached

The last time such XRP whales neared the milestone of 200 was on May 13 this year. As of writing this article, Binance’s native token stands as the fourth biggest crypto asset while XRP is back in fifth position (per CoinGecko’s data).

Conclusion

XRP whales have started accumulating assets massively ever since Ripple’s court win against the US SEC which acted as a catalyst for a surge in its price and renewed optimism within crypto markets worldwide.