Home » XRP Whales fall ever since SEC filing

XRP Whales fall ever since SEC filing

by Hans Lipper
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Ripple Inc has faced unending tribulations in recent times due to the US SEC filing. While exchanges and payment firms suspended XRP trading on their platforms, the price of XRP started to tumble badly.

Even after Ripple Inc issued a statement recently to engage with SEC for court proceedings, there was not much respite for XRP.

Number of XRP Whales Drop by 8 %

Coin Metrics provided new data, which revealed that the number of XRP whales had fallen tremendously. The Block reported that the XRP addresses held in excess of 1 million XRP are mentioned as XRP whales. The number of XRP whales has decreased by 8 percent in the last two weeks.

The addresses for so-called “XRP Whales” fell from 1705 to 1562 on Monday, Jan 4, 2021. After the United States Securities and Exchange Commission charged two top executives of Ripple Inc and the firm for selling unregistered securities in the United States. The aftermath of SEC regulatory filing has been devastating for XRP. Even after issuing a statement to engage with SEC in legal proceedings, XRP has not been able to recover. 

Coinbase, Bitstamp, KuCoin, and Beaxy were amongst some of the leading exchanges which suspended XRP trading and deposits on their platform. While XRP investors have filed a petition against the SEC for the damage, they have suffered from the lawsuit. They have also called out to SEC for not safeguarding the interests of American investors.

On Jan 4, 2021, Grayscale, which is a leading crypto asset manager, suspended XRP from its large Cap fund. The firm sold out all its XRP in the Grayscale fund and procured additional Bitcoin, Ethereum, and Litecoin in exchange. Grayscale had around 1.46 percent of its fund in XRP. While Grayscale did not cite the SEC lawsuit as a reason for removing XRP from its digital cap fund.

Most recently another crypto exchange Voyager has announced suspending XRP trading on its platform starting Jan 18, 2021.  XRP investors have tried to force the Securities and Exchange Commission through the petition that to declare XRP held by general investors is not a security.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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