Although the XRP price was unable to break free from its recent downward trend, Ripple is reporting that XRP whales have been accumulating more of the digital asset, despite the looming threat of an SEC lawsuit.
Ripple has released its Q1 2021 report, showing good results for the first quarter of the year.
This includes XRP sales, up nearly 100% from the previous quarter, and data showing the accumulation of funds in Whale portfolios (holders of a large number of tokens), despite the ongoing SEC lawsuit.
XRP supporters have become more confident as the process has progressed. This was due in part to reports of questionable activity related to the case.
The New York Times recently ran a story about former SEC Chairman Jay Clayton’s revolving door appointment at One River. The hedge fund is reportedly a major buyer of bitcoin and ethereum, which has raised concerns about conflicts of interest.
Ripple to rise from 2021
According to Ripple, the first quarter of 2021 has been a revolutionary time for the crypto-currency space as a whole. The total volume of the cryptocurrency market reached $776 billion at the beginning of the year, then formed a steady upward trend and reached the highest point of the entire period – $2.5 trillion – at the end of the quarter.
Ripple’s XRP sales hit a record high in Q1. 150 million in Q1 2021, up 97% from $76 million in Q4 2021. Quarter 2020. The company said its on-demand liquidity (ODL) service contributed to the jump. ODL refers to a solution for cross-border payments with XRP without having to fund the accounts first.
Ripple attributes revenue growth to stronger engagement with key ODL customers. He also mentioned the desire to expand ODL corridors in the Asia-Pacific region, with a focus on Southeast Asia.
Moreover, the data shows that the first quarter of 2021 was a period of XRP accumulation by whales. The number of whale wallets, defined as those who own at least 10 million XRP, rose from 308 to 319.
Similarly, the number of handbags has increased from 1 million to 10 million. The XRP also rose from 1,125 to 1,196.
Source : ripple.com
Former SEC chairman in the spotlight
In late December, the SEC accused Ripple of selling $1.3 billion in unregistered securities with two key executives over a seven-year period.
One of the oddities that soon came to light was the resignation of Jay Clayton as chairman of the SEC, the day after the allegations. These circumstances have led some to question whether there are ulterior motives for the process.
A key part of Ripple’s defense is the assumption that XRP is the same in terms of securities as Bitcoin and Ethereum, which the SEC considers non-securities. However, the SEC argues that Ripple erred in making this assumption.
In March, Jay Clayton joined One River Digital Asset Management as a paid consultant. This company invests hundreds of millions in Bitcoin and Ethereum.
While this information is not new, the New York Times article details the extent of the revolving door appointments that have allowed many former government officials, not just Clayton, to hold high positions in the industry.
The question is whether these former politicians and officials are doing what they are doing, or whether something more insidious is at work here.
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