Ripple Reports a Large Accumulation of XRP by Whales Despite the Ongoing SEC Lawsuit

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Ripple Reports a Large Accumulation of XRP by Whales Despite the Ongoing SEC Lawsuit
Ripple Reports a Large Accumulation of XRP by Whales Despite the Ongoing SEC Lawsuit

The first-quarter report shows the market is confident in Ripple’s defense. However, reports of the revolving door industry’s appointment of former SEC chairman as the point to a bad game.

Ripple Positive Q1 Report

Ripple released its report for the first quarter of 2021 and showed a stable performance in the first quarter of this year.

This includes XRP sales, which are up nearly 100% from the previous quarter, and the data shows that despite ongoing lawsuits from the Securities and Exchange Commission, the accumulation of “whale” wallets (holders of a large number of tokens) increases.

As the lawsuit progressed, the trust of XRP advocates has grown. This is partly due to reports of suspicious incidents related to the case.

The New York Times recently published an article on One River about the “revolving door” appointment of former SEC chairman Jay Clayton. This hedge fund is reportedly a big buyer of Bitcoin and Ethereum, which has raised concerns about conflicts of interest.

Ripple Will Take a Leap in 2021

As Ripple reported, the entire first quarter of 2021 is a groundbreaking period for the cryptocurrency field. At the beginning of the year, the total market value of cryptocurrencies reached $776 billion, which is a steady upward trend and reached the highest point of the period at the end of this first quarter at $2.5 trillion.

Ripple’s XRP revenue reached $150 million in the first quarter of 2021 and $76 million in the fourth quarter of 2020, an increase of 97%. The company said its on-demand liquidity (ODL) service contributed to that growth. ODL refers to a cross-border payment solution using XRP without the need to pre-fund an account.

Ripple attributed its sales growth to the  “greater involvement of large ODL customers”. Plans to expand the ODL corridor in the Asia-Pacific region were also mentioned, particularly for Southeast Asia.

In addition, the data shows that the first quarter of 2021 is the period of Whale XRP accumulation. The number of “whale” wallets (defined as wallets with at least 10 million XRP) increased from 308 to 319.

Similarly, the number of wallets with 1 to 10 million XRP has also increased from 1.125 to 1.196.

Source: Ripple.com