The number of XRP whales owning 100M+ tokens has surged to 199, marking an 11-week high. 

One factor playing a role in the new trend could be Ripple’s court victory against the US Securities and Exchange Commission (SEC), which fueled a price increase for XRP and renewed optimism in the entire cryptocurrency space.

Accumulating Again

The crypto analytics platform – Santiment – estimated that there are now 199 XRP whales, each of whom holds at least 100 million coins. Calculated at current prices, this stash equals approximately $70 million. The last time such XRP whales neared the milestone of 200 was on May 13 this year.

Santiment also determined that those participants had begun an accumulation mode in mid-July when Ripple (the enterprise blockchain provider behind XRP) won a landmark victory against the US SEC. Prior to that (between April and July), investors were predominantly dumping their holdings. 

The major win has acted as a catalyst for the price of the digital asset, boosting it to as high as $0.95. XRP’s market capitalization also skyrocketed, briefly surpassing that of BNB. As of the moment of writing these lines, though, Binance’s native token stands as the fourth biggest crypto asset, while XRP is back in the fifth position (per CoinGecko’s data).

Regardless, Ripple’s native token has been one of c