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On-chain analytics firm Santiment highlights unusual whale activity for the fifth largest cryptocurrency, XRP. Per Santiment, XRP is among the several assets seeing an upsurge in the activity of whales who attempt to capitalize on the discounted prices.
In the last 24 hours, XRP was down 2.16% to $0.585, in line with the declines seen on the cryptocurrency market. The cryptocurrency has also dropped 7% in the last seven days.
🐳 As the crowd feels the pain, there are several assets seeing an increase in whale activity. As they attempt to capitalize on the discounted prices, read about the four projects we're seeing some notable activity rises: $SHIB, $XRP, $SAND, & $CAKE https://t.co/SnuKebg7h1 pic.twitter.com/VWKlH95yU0
— Santiment (@santimentfeed) August 17, 2023
XRP has seen significant declines since attaining highs of $0.947 in the wake of the landmark July 13 ruling that deemed the asset a nonsecurity. XRP is down nearly 39% from this high, reaching lows of $0.574 in yesterday's session.
Given that whales, or large holders, often take advantage of periods of dips to accumulate at discounted prices, the same scenario might apply to XRP.
Santiment observes that whales have recently begun to become more active, and this could very well be the long-awaited accumulation.
True to form, XRP is experiencing a surge in whale activity to levels not seen in weeks. Per the chart posted by Santiment, in the last 24 hours, XRP saw 22 counts of whale transactions greater than $100,000 and a massive whale transaction of an amount greater than $1 million. This level of activity was last witnessed in late July, when XRP had a large increase in its millionaire whales.
As earlier reported by Santiment, the number of XRP mega addresses holding over 100 million XRP surged to an unprecedented number of 199 on July 23, the highest number of such wallets since May 13. This highlighted a rise in investor interest as XRP became a top trending topic in July.
Ripple opposes SEC's appeal bid
In the latest development in the SEC lawsuit, Ripple has filed its motion in opposition to the SEC's anticipated motion for leave to file an interlocutory appeal.
We oppose the SEC’s request for an interlocutory appeal. There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal. https://t.co/hjNIwEZkSt
— Stuart Alderoty (@s_alderoty) August 16, 2023
Ripple executives Brad Garlinghouse and Chris Larsen also filed their opposition to the SEC's request to file an interlocutory appeal and for a stay of all proceedings pending appeal.
On Aug. 9, the SEC filed a letter outlining its basis for filing a motion for leave to file an interlocutory appeal regarding programmatic offers and sales to XRP buyers over trading platforms and other distributions.