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.
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