Ripple: Whales bought $2 billion worth of XRP

Glassnode data indicated that whales have interpreted XRP ’s April recovery and early May downtrend as a signal to buy. In total, whales have amassed $2 billion worth of XRP over the previous 30 days, prompting some traders to wonder if some purchases were insider trading. The altcoin has performed poorly this year. Year-to-date is only 1% higher but 35% lower than its January highs. Similarly, the token’s inability to sustain its upward momentum in late April and its two rejections of the $2.29 level within a week make it hard to believe that the overall trend will change based on recent market activity. At the very least, the accumulation shows confidence that the token can remain stable before rising again. Whales offloaded 370 million XRP during the first two weeks of April, making the significant selling by major holders particularly noteworthy. Meanwhile, the US Securities and Exchange Commission discussed whether XRP qualified as a security. The New York Attorney General’s Office requested that the agency submit a brief arguing that it did. On Wednesday morning, Coinbase released over 10,000 documents amid Freedom of Information Act requests to the SEC and other agencies. Shamiso Maswoswe, the chief of the Investor Protection Bureau at the New York State Office of the Attorney General, requested that the SEC submit an amicus brief “in support of the argument that Ether is a security.”