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XRP Remains Up 60% This Year Despite SEC Drama

Opinions
Wed, 12/15/2021 - 15:19
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Tomiwabold Olajide
XRP is still up 60% this year amid SEC lawsuit
XRP Remains Up 60% This Year Despite SEC Drama
Cover image via stock.adobe.com

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According to CoinGecko data, XRP remains up nearly 60% so far in what seems to be a largely challenging year for the cross-border token. This might seem a meager increase compared to the likes of Bitcoin and Ethereum which are up 147.4% and 550% this year. XRP is still holding up in troubled waters.

Around this time in December 2020, the SEC unveiled its lawsuit against Ripple for allegedly raising more than $1.3 billion through an unregistered securities offering. Ripple is fighting suit, saying that XRP should not be considered a security. Ripple CEO Brad Garlinghouse believes the case should likely conclude in 2022.

CoinGecKo data

Source: CoinGecko

This move against XRP by SEC had it delisted from cryptocurrency exchanges in the United States, Coinbase inclusive. Recently, Canadian cryptocurrency exchange Bitbuy announced it was going to delist XRP, now the eighth-largest cryptocurrency by market capitalization, on Jan. 13, 2022. While investors are hoping for the relisting of XRP, are whales bothered?

XRP whales continue accumulation

As indicated by on-chain analytics firm Santiment, XRP whales have increased their holdings by nearly 6% since September and are currently sitting on 3.31 billion XRP.

#XRPNetwork is currently sitting at about $0.81, but smart money whale millionaires have kept up their one-year trend of accumulating more supply. Addresses with 1M to 10M $XRP hold 3.31B, including a 6% increase to their holdings in the past 3 months.

XRP whales began accumulating nearly a year ago when XRP steadily dipped to lows around $0.16. This timing also fell during the period in which the SEC unveiled its lawsuit against Ripple.

XRP is currently down 2.17% for the day at a present price of $0.793.

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About the author

Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.