Data shows that whales on the XRP network have been accumulating tokens over the last few months, so much so that even with the price of the cryptocurrency dropping, their holdings increased 6% to 3.31 billion XRP in the past three months.
That’s according to data from crypto analytics firm Santiment, which analyzed the amount of XRP tokens whales controlling between one million and 10 million tokens controlled over time. Santiment described the whales as “smart money whale millionaires” who kept a one-year accumulating trend ongoing.
As CryptoGlobe reported, in November the total number of transactions processed on the XRP network spiked from 43.3 million in October to 53.3 million in November, while the number of new accounts being created also rose 11.8% to 237,000.
Data from CryptoCompare’s November 2021 Asset Report has revealed that XRP network activity grew even though the price of the cryptocurrency dropped 10.2% over the month, closing at $0.99.
Year-to-date, the price of XRP is up nearly 250% as the entire cryptocurrency market saw its price boom among a wave of institutional adoption. The cryptocurrency’s price had been affected last year by the U.S. Securities and Exchange Commission’s lawsuit against Ripple and two of its executives.
Legal expert and XRP supporter Jeremy Hogan has revealed he believes that Ripple’s legal battle with the SEC could have a positive outcome for the price of XRP and potentially lead to a supply shock.
Ripple itself has argued the lawsuit “already affected countless innocent XRP retail holders with no connection to Ripple.” It added it “muddied the waters for exchanges, market makers, and traders.” The firm’s CEO Brad Garlinghouse has said the fintech firm is highly likely to go public after it settles its lawsuit with the regulator.