- The buying spree defies negative macroeconomic factors triggered by the recent crypto banking crisis.
- XRP has added 21% in the last week.
Big investors are interested in Ripple’s XRP, presumably driven by speculations around the blockchain’s case with the U.S. SEC and improving sentiment in the digital asset space.
From the latest data shared by analytics firm Santiment and corroborated by famous blockchain enthusiast Ali Martinez, in the last month, an estimated 50 XRP whales, holding between 10-100 million tokens, entered the network. The investors have accumulated more than 420 million XRPs worth over $185.4 million.
The buying spree comes against many negative macroeconomic factors, including the banking sector financial crisis in the US, which recently paralyzed essential networks for digital assets. Over a week ago, Signature Bank and Silvergate Bank shuttered their on-off ramp crypto settlements platforms, Signet and SEN.
XRP maintains an upward potential despite the turmoil, according to CoinMarketCap, where the digital asset has climbed +1.85% in the past day and 21.73% in the last week to trade at $0.4389. Industry experts believe the trend is tied to the much-anticipated case between Ripple and the SEC, especially the rulings on similar cases.
Related court case and the verdict
On March 2, a US bankruptcy court in New York dismissed the SEC’s claims that a proposal by Binance.US to purchase the assets of Voyager Digital for $1.3 million amounted to the sale of unregistered securities. Specifically, the agency had claimed that Voyager token (VGX), the proprietary digital asset of the crypto lender, was a security.
Ruling on the matter, the presiding judge, Michael Lewis, said the commission lacked specifics in its allegations and that the regulators were at loggerheads with each other.
‘‘Regulators themselves cannot seem to agree as to whether cryptocurrencies are commodities that may be subject to regulation by the CFTC, or whether they are securities that are subject to securities laws, or neither, or even on what criteria should be applied in making the decision,’’ Lewis said.
Amid the uncertainty on the outcome of the case and, more so, the exact time the ruling could come, Coinbase, one of the exchanges which delisted the payment taken immediately after the suit, most recently hinted at relisting it. According to the company’s chief legal officer, Paul Grewal, the decision depends on the grounds of the ruling.