The prevailing bear market presented an opportunity for several deep-pocketed investors to amass heavy volumes of the XRPL native token, XRP. These whale behaviors are speculated to trigger another run for XRP amid the general crypto market dump.
According to the leading crypto analytic platform Santiment, large-tier addresses holding between 100k and 10 million XRP tokens took tremendous advantage of the XRP price retracement that occurred in October. More so, Santiment Insights published that there was a significant increase in whale addresses’ supply in the past 5 weeks.
Holding on to the fact that the whales’ activities often impact the price actions, the analytic platform expressed that the XRP price can pick up momentum following the increasing accumulation of the coin by loaded investors.
Its [XRP] big price pump against the rest of the markets occurred in late September and early October. And as soon as its price started to retrace, whale addresses holding 100k to 10m XRP began to really increase their holdings in a hurry. It wouldn’t be terribly surprising for XRP to have another run in it, considering the increase in these whale addresses’ supply held went from 16.7% to 18.3% in 5 weeks,” Brianq wrote on Tuesday.
Read Also: Crypto Whales Moved 442 Million XRP As Price Rebounds. Here’s the Destination
“With the exception of massive market caps like Bitcoin or Ethereum, almost all assets have their most impactful traders holding the equivalent of $100,000 to $10,000,000 in that coin,” he added.
XRP Lawsuit Nears Conclusion
It bears mentioning that the growing interest in XRP from crypto whales comes as the Ripple vs SEC case seems to be winding down. As predicted by Ripple CEO Brad Garlinghouse, the final ruling of the XRP lawsuit is expected to come by mid-2023.
Garlinghouse, who continuously holds that XRP is not a security, noted that Ripple can only settle with the SEC if the U.S. regulators give clarity on XRP.
Related: Cardano Creator Thinks Settlement of XRP Lawsuit Would Be “Catastrophic” for Crypto Industry
Meanwhile, a top U.S. Congress candidate January Walker stated that Ripple settling with the SEC would be a loss for the world and web3. Walker urged the entire crypto community to support Ripple and XRP, as she expects the San Francisco-based crypto solutions company to defeat the Gary Gensler-led SEC.
Notably, several United States lawyers including Jeremy Hogan and John Deaton explained why it would be difficult for the SEC to come out victorious, citing that XRP has countered many prongs of the Howey Test.
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