Thursday, April 15, 2021

Santiment: XRP Whales Are Selling While Retail Continues To HODL and Hoping

XRP started experiencing a huge after the announcement of the suit filed by the United States Securities and Exchange Commission (SEC), against Ripple and its two top executives, Brad Garlinghouse and Chris Larsen.

The commission sued Ripple for the sale of over $1.3 billion worth of XRP to its investors within 7 years. While the CEO Brad Garlinghouse and co-founder Chris Larsen are accused of failing to register their respective sales of XRP worth relatively $600 million.

Additionally, the suit alleges that the digital token XRP is classified as a security. Despite the negative impact of the announcement on the price of XRP in the market, data says that retail investors have not relented from hodling.

Read Also: Credible Crypto: To Be Able To Buy XRP between $0.38 and $0.55 Is a Blessing

XRP Whales’ Selloff on the Increase

Considering the data made available a few hours ago by the cryptocurrency analytics firm, Santiment, there is an increase in the XRP selloff among the biggest holders of the cryptocurrency.

According to Santiment, the number of holders with over 10 million XRP continues to decrease since the suit against Ripple was made public.

On the other hand, the firm says the announcement has not affected the increase in the number of small XRP addresses.

Santiment tweeted, “The number of small XRP addresses being created have not skipped a beat since yesterday’s Ripple lawsuit announcement. However, the number of larger tier addresses are shrinking, with 18 less addresses with 10M+ tokens ($490k+) since the news broke.”

Read Also: Santiment: XRP Is Set To Surpass Ethereum in a Key Metric Maintained By ETH for Seven Months

XRP Keeps Losing Value

Since Yesterday’s Ripple lawsuit announcement, the digital token XRP has been losing its value in the market.

Over the last 24 hours, XRP has lost relatively 32% of its accrued price. It currently trades around $0.32 and has lost about 32% of its price over the last 7 days.

Also, the cryptocurrency has been displaced from the third position once again by Tether (USDT), according to CoinMarketCap. And there is a possibility for further price downtrend if XRP whales continue to dump.

Speculations on Whether Exchanges Would Start Delisting XRP

There are speculations on whether cryptocurrency exchanges would start considering the future of XRP on their trading platforms due to the unfavorable development.

Many crypto enthusiasts gave their opinions on the possibility after a cryptocurrency big gun and XRP fan, David Gokhshtein, asked a related question on Twitter.

Read Also: Brad Garlinghouse Cautions Public Companies against Investing In Bitcoin (BTC)

He tweeted, “Will exchanges start de-listing XRP? That’s really something to watch.”

He, however, reiterated his belief in XRP, claiming that he will continue to buy the dip:

“Hold up. I am not silent at all about XRP. I’m personally still going to buy up the dips. Carry on.”


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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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