- XRP addresses holding one million to ten million XRP have increased to 1,617 accounts for more than 7% of the entire supply.
- XRP price has resorted to following broader market bearish cues as the Securities and Exchange Commission’s lawsuit against Ripple has noted no development lately.
- XRP price fell by 14% to reach monthly lows of $0.33; looking to reinitiate recovery of the drop from $0.40.
Ripple (XRP) price has been inching closer to what the crypto community is considering a victory in its legal battle against the Securities and Exchange Commission (SEC). But the slow pace of developments has led XRP price to take after the broader market cues, which appear to be bearish at the moment.
Ripple vs. SEC result delayed
The lawsuit initiated by SEC is expected to come to an end by March next year, but as per forecasts by XRP supporter and lawyer John Deaton, the outcome could be delayed up to April or even May. This is due to the volume of evidence and documents that need to be processed.
On the other hand, the most recent development in the case has been the filing of the pro hac vice motion by Rodrigo Seira. Appearing as pro hac vice, Seria will be appearing as an attorney counsel from another jurisdiction on behalf of Paradigm Operations.
XRP whales accumulating
XRP whales have been making the most of the decline in prices over the last couple of days as bigger wallet cohorts have managed to scoop up a significant amount of the supply. According to Santiment data, the number of addresses holding between 1 million XRP and 10 million XRP has increased by 6.5% in a month from 1,519 to 1,617.
XRP whales’ accumulation
At the same time, the supply held by these whales has also risen significantly. Currently, these 1,617 addresses collectively own about 7.23% of the XRP supply, which is the highest figure noted since the cryptocurrency’s inception. As stated above, if this bullish behavior rubs off on the retail investors as well, a buying spree-induced XRP price recovery could begin.
XRP price takes a dive
The lack of positive momentum and persisting investors’ fears led to the crypto market noting a decline in value. Consequently, the XRP price followed suit.
Trading at $0.34, XRP fell by 14% over the last seven days from the trading price of almost $0.40. XRP price is currently closer to testing its short-term support level at $0.33 after failing to breach $0.34. If the altcoin declines below this level, it could end up tagging $0.32. Any decline from here would result in the cryptocurrency falling to $0.31.
XRP/USD 4-hour chart
However, if the XRP whales’ efforts trigger bullish behavior in the retail investors, the price could begin rising. Flipping $0.34 into a support floor would allow XRP to attempt a breach of the critical resistance at $0.37. A daily candlestick above this level would invalidate the bearish thesis and result in the altcoin reinitiating recovery toward $0.39.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.