Demand for XRP Explodes Among Crypto Whales as Accumulation Hits All-Time High

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XRP whales continue to take advantage of the asset’s recent price correction to accumulate more tokens. Indeed, XRP’s price correction follows the general fall in the crypto market alongside the token’s inability to sustain gains from minor gains recorded in the ongoing Ripple and Securities Exchange Commission (SEC) case. ).

In particular, as of December 21, XRP addresses of whales and sharks holding between 1 million and 10 million tokens have increased to 1,617 in the last month of 2022. XRP tokens held at 7.23%, data shows of the crypto analysis platform Santiment.

XRP shark and whale addresses. Source: Santiment

Although the ongoing SEC case has brought uncertainty to XRP’s outlook, whales are potentially betting on the long-term asset.

Low prices are potentially driving the need for accumulation, but it should be noted that if whales continue to hoard XRP with the aim of long-term investing, this move could lead to a squeeze in supply. .

XRP Price Analysis

With the general cryptocurrency market lacking general bullish momentum, XRP lost key support levels to trade at $0.34 at press time, with losses of around 0.3% over the past few months. last 24 hours. The weekly chart indicates that the token has plunged nearly 14%.

Seven-day XRP price chart. Source: Finbold

Prior to the latest correction, XRP was targeting the $0.50 position after testing the $0.40 level following the general market relief rally induced by the positive macro elements; it formed resistance at $0.35.

At the current price, XRP has a support level of $0.33, and a breakout of the position could open the door for a drop to $0.31.

The implication of the SEC case on XRP

Although XRP has traded in tandem with the general market, the main fundamental driver of the asset remains the case of the SEC. Notably, both parties await the conclusion after presenting their final submissions.

Interestingly, the crypto community predicted Ripple’s victory, but legal experts argue that the case could go either way. The excitement for Ripple’s win grew out of the company’s minor victories in the hearings.

It should be noted that with the delayed deal closing, XRP replicated the general market sentiments that remain bearish.

As the crypto community awaits the final decision, the case recorded the latest development with Rodrigo Seira, a lawyer filing a motion to appear as pro hac vice (a lawyer from another jurisdiction) on behalf of the company crypto-focused investment company Paradigm Operations LP.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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