XRP Millionaires Hit Record High as Ripple vs SEC Showdown Takes Wild Turn
The crypto elite are cashing in—XRP wallets holding $1M+ just shattered all-time records. Meanwhile, Ripple's courtroom drama with the SEC veers into uncharted territory.
Who needs regulators when you've got diamond hands? The surge in XRP whales comes as Ripple's legal team pulls unexpected maneuvers in their 4-year battle with the SEC. No details yet, but insiders whisper about procedural jiu-jitsu that's got Wall Street lawyers sweating.
Funny how 'protecting investors' always seems to align with crushing the competition. As usual, the real winners are those who ignored the noise and held through the FUD.
The XRP ledger, the decentralized blockchain responsible for facilitating XRP transactions and other digital assets, has recorded a remarkable achievement over the past week.
According to data from the on-chain analytical platform Santiment, the key players spearheading the bullish uptrend are leading stakeholders and users of the XRP ledger.
Notably, the number of daily active XRP wallet addresses has skyrocketed to rooftop levels over the past 3 months, further indicating renewed interest amongst market participants.
As Santiment’s recent post revealed;
“The amount of interacting XRP addresses has averaged over 295K per day over the past week. Its normal daily average over the past 3 months was approximately 35-40K.”
The recent upsurge in daily wallet users marks a 743% increase in active addresses recorded on the XRP ledger over the past week.
It bears mentioning that XRP whales are wide awake and equally active. Santiment’s data reflect an increase in the number of whales holding at least 1 million XRP tokens for the first time in over 12 years.
As the on-chain analytical platform observed, 2,708 unique wallet addresses are holding at least 1 million XRP tokens for the first time since the asset’s inception.
The XRP ledger is showing serious signs of growth, from both a usage and key stakeholder perspective.
The amount of interacting $XRP addresses has averaged over 295K per day over the past week. Its normal daily average over the past 3 months was approximately 35-40K.
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The outstanding feat paints a bullish picture for the XRP token amidst the ongoing chaos stemming from the longstanding legal battle between Ripple and the SEC.
Notably, the legal case has taken an interesting turn, with Ripple and the SEC filing a status report to the Second Circuit Court, requesting that the appeals be on hold until August 15th.
Pro-crypto attorney Bill Morgan reacted to the new development, saying that the turnout of events is not at all surprising.
“The SEC was required to report to the Second Circuit Court by 16 June & it did. The SEC asked for another 60 days for the Appeal to remain in abeyance as the joint motion for an indicative ruling from Judge Torres hasn’t been decided,” he wrote.
Meanwhile, XRP bulls have successfully remained above the $2 price mark, despite sustaining mild losses of over 5% from the previous week. The asset trades at a press time price of $2.16.
