Recent data from Coin Metrics, a crypto and blockchain data provider, reveals that the number of addresses holding up to 1 million XRP tokens has dropped sharply in the last two weeks. The firm confirmed in a report that:
Source: Coin MetricsIt is clear that nobody wants to catch a falling knife. As illustrated in the Coin Metrics chart above, the number of XRP whales steadily rose from early 2019 before taking a nosedive in late December. Addresses with up to 1 million XRP have dropped to a new low last seen in October 2019.
As a result of the SEC’s lawsuit against Ripple and its executives, the price of XRP has plunged more than 70%. Hedge funds and exchanges are beginning to distance themselves from the project.
