Crypto whales load up on XRP and MATIC, defy market uncertainty – on-chain data reveals ⋆ ZyCrypto

by Arthur · March 24, 2023

XRP holders are optimistic about a possible victory against the SEC lawsuit.
The remittance token has added 12% in the last week.

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

Whale tracking firm WhaleStats reported on Friday that among the top 5,000 Ethereum whales, MATIC is the second most accumulated crypto at $167,714,936, next to Shiba Inus 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 a growing momentum in the case of the blockchain and the US Securities and Exchange Commission (SEC). More specifically, there is an increase in companies that are turning up support for the network against the regulator. Messari CEO Ryan Selkis recently expressed optimism that the payment network will win the case.

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

XRP Whales Collect Half a Billion Tokens Amid SEC Legal Battle

In the past month alone, as reported by ZyCrypto, data from Santiment, which was confirmed by blockchain enthusiast Ali Martinez, showed that an estimated 50 XRP whales, with between 10-100 million digital assets, had entered the network, and collected 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 surrounding the network’s zero-knowledge technology, zkEVM. At the beginning of the month, the Ethereum scaling solution announced a decentralized identity solution, which provides developers with tools to build self-sovereign, decentralized and private identity solutions based on zero-knowledge proofs.

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