Crypto Whales Load Up On XRP and MATIC, Defying Market Uncertainty – On-Chain Data Reveals

Crypto Whales Load Up On XRP and MATIC, Defying Market Uncertainty – On-Chain Data Reveals

March 24, 2023
  • XRP holders are optimistic about a possible win against the SEC lawsuit.
  • The remittance token has added 12% in the past week.

On-chain data shows a continued accumulation of XRP and Polygon’s native tokens, XRP and MATIC, by big investors despite the ongoing market uncertainty.

Whales-tracking firm, WhaleStats, reported Friday that among the top 5,000 Ethereum whales, MATIC is the second-most accumulated crypto at $167,714,936, next to Shiba Inu’s SHIB, with a holding of $606,553,503. On the other hand, whales, holding between 100,000 and 1 billion XRP tokens, have been on a buying spree since March 7.

Part of the reason behind the high accumulation of XRP by deep-pocketed investors is an increasing momentum in the case pitting the blockchain and the U.S. Securities and Exchange Commission (SEC). Specifically, there is an increase in companies drumming up support for the network against the regulator. Messari CEO Ryan Selkis recently expressed optimism about the payments network winning the case.

‘‘I have been critical of Ripple in the past (for various reasons), but more aligned with them than ever before. Ripple should win the overreaching XRP-SEC case, and the XRP Ledger should be allowed to compete fairly on digital payments infra globally.’’ Selkis wrote on March 21.

XRP whales amass half a billion tokens amid SEC legal tussle

In the last month alone, as reported by ZyCrypto, data by Santiment, which was corroborated by blockchain enthusiast Ali Martinez, showed an estimated 50 XRP whales, holding between 10-100 million digital assets, had entered the network, accumulating 420 million XRPs worth $185.4 million.

On the other hand, the investor class is accumulating Polygon’s MATIC tokens, presumably due to the enthusiasm around the network’s zero-knowledge technology, zkEVM. At the beginning of the month, the Ethereum-scaling solution announced a decentralized identity solution, providing developers with tools to build self-sovereign, decentralized, and private identity solutions based on zero-knowledge proofs.

Whales’ accumulation of XRP and MATIC comes amid an improving sentiment in the crypto space. At press time, XRP was up 12% in the past week, trading at $0.4249, while MATIC traded at $1.1, representing a price change of -0.45% and -7.13% in the past day and week, respectively.

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