The Ripple Labs Report Indicates that the Whale Interest has Increased Despite Lawsuit

Ripple Labs has recently published its quarter close report on May 6th, 2021. The report claims that XRP has witnessed an exponential increase in whale investors despite the ongoing SEC Lawsuit. As per this report, the number of whale accounts went from 308 to 319 during the first quarter. This 3.5% surge is an indicator for the whales that are holding 10 million Ripple tokens.

On the other hand, the amount of XRP whale addresses with 1 million to 10 million XRP tokens has gone from 1,125 to 1,196. These analytics are reflected on the data charts issued by independent cryptocurrencies analytics service Santiment. The retail XRP movants that wish to have a seat at SEC lawsuit have also increased from 10,000 to 16,000, as reported by defense attorney John E. Deaton.

The report issued by Ripple Labs claims that the heavy cash inflows through the institutional investors have played an important role in appreciating the value of the cryptocurrency during the ongoing rally. The emergence of whale traffic on the proof of stake (PoS) blockchain has driven the open interest rates for the XRP futures from $250 million to $500 million.

This 50% increase in first-quarter has further strengthened the position of XRP as a decent store of value in the crypto markets. The Ripple Labs first-quarter report also shows that XRP is undergoing a bull rally that could reinstate the price of the altcoin back to its former glory days before the SEC lawsuit started. Meanwhile, the Securities and Exchange Commission has not changed its stance on XRP thus far.

Ripple Labs Lawsuits Keeps Getting more Tangled

SEC is trying the top bras of Ripple for illegally aiding and abetting unregistered securities in the form of XRP tokens. However, some independent lawyers have claimed that XRP could not be tried as securities since its price point does not correlate with the performance of the company.

After the lawsuit, Ripple was blacklisted by Moneygram. However, the crypto enterprise managed to acquire 40% shares of Tranglo, which is considered one of the largest cross-border payment firms in Asia. The notion that SEC is treating Ripple Labs case as a test run for introducing regulatory sanctions on the entire crypto markets has increased recently. While responding to Ripple’s discovery demands about formal communication and documentation about Bitcoin and Ethereum status as cryptocurrencies, SEC claims that it is non-existent. 

Leave a Reply

Your email address will not be published.