As the Ripple lawsuit nears conclusion, XRP whales increase their holdings
The CEO of Ripple also mentioned that the company would expand through acquisitions in regions that welcomed cryptocurrencies.
Both the cryptocurrency market and the price of Ripple's [XRP] have been significantly impacted by the current Ripple vs. SEC case. But as the lawsuit nears its conclusion, a lot of whales have shown interest in XRP.
As the Ripple lawsuit nears settlement, XRP whales increase their holdings
The ongoing Ripple vs. SEC lawsuit has had a huge influence on both the cryptocurrency market and the price of Ripple's [XRP]. But a number of whales have exhibited an interest in XRP as the litigation draws to a close.
Data from Santiment showed that over the last three weeks, whales had purchased a considerable quantity of XRP totaling more than 52 million XRP. The estimated value of these purchases is $22.9 million.
Whales have shown a lot of interest, but the price of XRP hasn't really increased as a result. The price of XRP has noticeably dropped by 11.89% since April 19. At the time of publication, the price of XRP was $0.474.
The RSI for XRP has risen to 63.08, indicating that the recent price momentum has been favorable for XRP. It did, however, also say that at the time of writing, it was in a slightly overbought condition, with a chance of a price reversal. The CMF for XRP was also dropping, indicating that interest in the cryptocurrency had decreased.
Another reason that can have an effect on XRP is it is declining network expansion, which shows that there is less activity coming from new addresses. The token's velocity stayed constant despite the network expanding and the price falling.
The network's overall development activity decreased at this time, which suggests that GitHub contributors to XRP were less frequent. However, in the long run, Ripple's aspirations to grow worldwide may be helpful for XRP. Ripple recently announced that it has purchased the European exchange Bitstamp. The CEO of Ripple also stated that in the future, Ripple will grow through acquisitions in crypto-friendly markets.
Related:
Trending
