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06/19 19:10
Whales dump XRP worth millions
XRP has been on a tumultuous journey this June, losing more than 15% of its value in the month.
But as the news of the peace deal between the United States and Iran circulated, XRP's price reached $1.29 on June 15. But the enthusiasm faded out, with the price again declining over the next few days.
The U.S. spot exchange-traded funds (ETFs) tied to XRP are also facing a difficult month.
Total XRP Spot ETF Net Inflow, Source: SoSoValue
While the first week saw a net inflow of only $2.62 million, the next two weeks saw the figure rising to $10 million each, as per SoSo Value.
But whales are abandoning XRP.
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Whales dump 30 million XRP in 5 days
As per the Santiment data shared by the crypto analyst Ali Martinez, XRP whales have dumped more than 30 million tokens during June 12-17.
As a consequence, the number of XRP tokens held by whales has declined to 3.78 billion on June 17.
XRP held by whales, Source: Santiment via Ali Martinez
As reported earlier, wallets holding at least 1 million XRP tokens hold around 75% of the entire supply. But even large holders are dumping the cryptocurrency amid the price plunge.
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Analyst blames SEC lawsuit for XRP's fate
An analyst, known as Jungle Inc on X, recently blamed the lawsuit brought by the Securities and Exchange Commission (SEC) against Ripple in December 2020 for selling unregistered securities via the sale of XRP tokens.
The landmark lawsuit became the rallying cry for the entire crypto industry in the U.S.
The case went on for years until a ruling in July 2023 concluded that XRP isn't a security when sold to retail investors via programmatic sales on crypto exchanges, but it's a security when sold to institutions.
Both parties appealed the order and kept clashing for years until they decided to dismiss their appeals and settle the matter in August last year.
As per Jungle Inc's analysis, XRP would be trading at $24.50 if not for the lawsuit.
XRP/USD, Source: Decibel
XRP was trading at $1.13 at press time, as per Decibel.
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