XRP Whales Ignoring Price Weakness Amid Regulatory Battle

Ripple's CEO Brad Garlinghouse is in a public spat with JPMorgan's Jamie Dimon over a key piece of crypto legislation, the Digital Asset Market Clarity Act (H.R. 3633).

The bill aims to split oversight of digital assets between the SEC and CFTC, which could classify XRP as a 'digital commodity', ending years of regulatory limbo.

Garlinghouse accused Dimon of knowingly distorting the bill's intent to protect JPMorgan's payment business, which generates $20 billion in annual revenue.

In contrast to the price weakness, with XRP trading near its 52-week low of $1.14 and down around 20% over the past month, large investors are accumulating the token.

The number of wallets holding at least 10,000 XRP has climbed to an all-time high of about 332,000, suggesting a buying opportunity for some.