XRP whales are sinking fast

XRP whales are sinking fast

Wallets holding oversized XRP positions are plunging quickly in the wake of the United States Securities and Exchange Commission’s lawsuit against Ripple. Industry data reveals just how quickly these so-called XRP whales are sinking. 

Coin Metrics, a leading data provider on all things cryptocurrency and blockchain, estimated that the number of wallet addresses holding at least 1 million XRP has dropped to 1,567 from 1,721 between Dec. 21, 2020 and Jan. 3. In other words, it appears that XRP whales are liquidating a portion of their holdings amid regulatory uncertainty surrounding Ripple.

As the following chart from Coin Metrics illustrates, XRP’s 1 million token club had been rising consistently since early 2019 before plunging sharply in late December. Addresses holding at least 1 million XRP are at the lowest level since October 2019.

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Addresses holding at least 1 million XRP via CoinMetrics

Holders of XRP have been rattled by the SEC’s accusations that Ripple violated regulations by selling $1.3

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