XRP Whale Accumulation Has Skyrocketed as the SEC Amends Binance Lawsuit

Ripple's native crypto XRP is making strong gains following the SEC's amendment to the Binance lawsuit over the treatment of third-party securities.

Cryptocurrency XRP, the native token of Ripple, is experiencing a surge in value following the recent amendment by the U.S. Securities and Exchange Commission (SEC) to its lawsuit against Binance over the treatment of third-party securities. This development has sparked speculation among XRP enthusiasts that it could expedite the settlement of the SEC's long-running lawsuit against Ripple.

At the time of writing, XRP is trading at $0.65, up over 9% in the past 24 hours, with a market capitalization of $36.5 billion. This surge has seen XRP overtake Circle's stablecoin USDC to claim the sixth position in the crypto rankings.

Notably, XRP whale activity has also been on the rise in recent weeks. According to on-chain data provider Santiment, there has been a significant increase in the total number of wallets holding at least 10,000 XRP over the past five weeks.

Santiment's data shows that there are currently 279,400 such "shark and whale" addresses on the XRP ledger, marking a return to a six-month high. In 2024, the correlation between the growth of these large wallets and the altcoin's market cap has been particularly strong.

Several analysts attribute XRP's price surge to the SEC's removal of Solana (SOL), Cardano (ADA), Polygon (MATIC), and other altcoins from the "securities" category in the Binance lawsuit. This move, they argue, could pave the way for a faster settlement in the XRP lawsuit.

However, Ripple CEO Brad Garlinghouse recently criticized the SEC's inconsistent regulatory practices and lack of clear rules. He pointed out that the federal regulator is not applying consistent measures in the crypto space, as evident in the recent amendment to the Binance lawsuit.

"We've said it before and we'll say it again: The SEC's inconsistent regulatory practices and failure to provide clear rules are harming the crypto industry and ultimately consumers," Garlinghouse wrote on Twitter.

"The recent amendment to the Binance lawsuit is a prime example. After initially suing over whether Solana, ADA, XRP, and others should be deemed securities, the SEC quietly removed almost all of the altcoin language," he added.

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