The digital currency, XRP, has experienced a significant price spike, with data showing that XRP whales are continuing to accumulate the cryptocurrency. The increase in XRP's price coincides with a rise in the number of addresses holding more than 10 million XRP tokens, suggesting that large investors, or whales, are actively buying up the currency.
According to analytics firm Santiment, the number of addresses holding more than 10 million XRP has increased by 10.4% over the last six months. This growth in accumulation by whales indicates a bullish trend for XRP, and could signify that these large investors are anticipating a future price increase.
Interestingly, the increase in whale activity comes at a time when XRP is experiencing regulatory scrutiny in the United States. The Securities and Exchange Commission (SEC) has alleged that XRP is a security and that its parent company, Ripple, has conducted an unregistered securities offering worth over $1.3 billion. Despite this, XRP has proven resilient and continues to see growth in both price and investor interest.
On a global scale, XRP also appears to be gaining traction. This is particularly true in Asia, where the cryptocurrency is not classified as a security and therefore does not face the same regulatory hurdles. This has allowed XRP to thrive in this market, demonstrating the potential for the currency to succeed despite the ongoing SEC lawsuit.
In summary, the recent price spike of XRP, along with the continued accumulation by whales, points towards a positive trend for the cryptocurrency. Despite facing regulatory challenges in the US, XRP is showing strength and resilience, with large investors continuing to show interest and confidence in the currency's future prospects.