Despite decreased XRP Ledger transactions, XRP whales accumulate, raising their holdings from $7.16B to $7.89B within a year, amid ongoing Ripple-SEC legal battles.
Key Takeaways
- XRP whales persistently accumulate, moving from $7.16B to $7.89B in a year despite decreased transaction activity.
- The XRP Ledger registers an average of 3,800 whale transactions weekly, each worth at least $100,000.
- In the backdrop, Forbes anticipates a potential U.S. economic downturn could elevate cryptocurrency prices, including XRP.
- Ripple’s ongoing legal battle with the SEC indirectly sways XRP price and XRPL activity, warranting meticulous observation.
Amidst an atmosphere rife with anticipation surrounding the Ripple-SEC case, XRP whales seem to be playing a calculated game.
According to crypto market intelligence platform Santiment, despite XRP Ledger (XRPL) witnessing a downturn in whale activity in 2023 compared to the preceding two years, a discernible accumulation of XRP supply persists among whales and sharks.
🐳🦈 #XRPLedger is seeing less whale activity this year compared to 2021 & 2022. However, this hasn't stopped the key shark & whale addresses from accumulating more of the supply. Wallets with 100K-100M $XRP hold $7.89B in coins vs. $7.16B a year ago. https://t.co/NMnrTCTMUw pic.twitter.com/DSShcoFa8G
— Santiment (@santimentfeed) October 9, 2023
All About XRP Whales
Strikingly, wallets possessing between 100,000 and 100 million XRP have augmented their holdings from $7.16 billion to a noteworthy $7.89 billion within a year.
Such behemoth holders now collectively grip a substantial 26.8% of the 53.39 billion XRP in circulation. Contrarily, the XRPL is presently averaging a diminished 3,800 whale transactions per week, each transaction being worth a minimum of $100,000.
Simultaneously, Forbes conjectures a scenario where a conceivable U.S. economic downturn may serve to elevate the crypto industry, positing potential new peaks for assets including bitcoin, XRP, and ether.
This viewpoint is premised on several factors risking a U.S. dollar plummet, encompassing the U.S. debt ceiling quandary and extensive fiat printing by the Federal Reserve.
Amidst this predicted tumult, XRP could potentially ascend to unprecedented heights, sustaining the uptrend it has curated over recent weeks.
Following a partial court victory for Ripple Labs against the SEC in July, XRP experienced a dramatic surge of approximately 70%, teetering tantalizingly close to the $1 milestone.
This victory, however, has ushered in a phase of intensified volatility for the asset, precipitated by ongoing developments in Ripple’s legal fray with the SEC.
After Judge Analisa Torres rejected the SEC’s appeal motion on October 3, XRP underwent a 5% appreciation, recuperating somewhat after the initial gains post-victory were negated.
Concluding Thoughts
The dichotomy of XRP whales diligently amassing the cryptocurrency amidst declining transaction activity and the legal predicaments enveloping Ripple poses an enigmatic scenario for the crypto market.
Ripple’s continuous altercation with the SEC not only prolongs a definitive resolution but concurrently crafts an environment wherein XRP’s price and XRPL activity become susceptible to court-driven narratives and outcomes.
While the ongoing legal disputes offer a semblance of optimism for XRP enthusiasts, courtesy of periodic price spurts linked to favorable legal developments, the overarching ambiguity and enhanced volatility warrant prudent and measured approaches from investors and market spectators alike.
The unfolding chapters of the Ripple-SEC saga alongside global economic developments will indubitably shape XRP’s trajectory in the cryptomarket, demanding vigilant, and astute observation.
