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Significant developments continue to unfold in the cryptocurrency market. Accordingly, Ripple Labs’ token, XRP, continues to attract the interest of whales. According to recently disclosed data, large XRP holders control 67.2% of the cryptocurrency’s circulating supply, a figure that stands out as the highest ever recorded.
Interest in Ripple Persists
According to blockchain data analytics firm Santiment, XRP’s price is currently at risk of falling below the $0.50 level for the first time since October. Despite the number of whale transactions over $1 million on the XRP Ledger network spiking to 217 in a single day, this activity has not reflected in XRP’s price.
Santiment noted that the figures correspond to the highest single-day whale transaction volume over $1 million since Judge Analisa Torres of the United States District Court for the Southern District of New York ruled in favor of fintech company Ripple and its two executives, Chris Larsen and Brad Garlinghouse, in the SEC vs. Ripple Labs case, where they were accused of illegally offering and selling unregistered securities named XRP.
Noteworthy Developments on the Ripple Front
Judge Torres stated that Larsen and Garlinghouse’s XRP sales were programmed and conducted through blind bids or demand transactions on cryptocurrency exchanges. She declared that these transactions did not meet the criteria to be considered as an investment contract under the Howey Test.
She also clarified that as a cryptocurrency asset, XRP naturally did not meet the Howey requirements for an investment contract. She pointed out that XRP’s secondary market sales could not be classified as an investment contract because the funds did not return to Ripple. Santiment added that there are some key signals indicating that XRP is one of the best candidates for a rise. XRP is trading at $0.506 after losing about 1% of its value last week.
Ripple Labs’ blockchain network, XRP Ledger, continues to attract the interest of Web3 users. Most recently, a significant increase in the number of wallets with a balance greater than 1 XRP indicates that the network continues to be embraced by users.
