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.