- 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
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US

Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity

Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week

The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?

XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.