Key Points:
- XRP whales, or large-scale investors, bought 360 million XRP worth approximately $170 million during a 12% drop in XRP’s price between June 22 and June 28.
- This suggests a confident long-term outlook on XRP by these whales despite the current bearish trend.
- The market capitalization of XRP is $24.8 billion, making it the fourth-largest cryptocurrency by market cap.
- XRP has experienced a slight uptick in price, gaining 2.1% in the last 24 hours.
- XRP’s daily trading volume has dropped from $1 billion to below $600 million in the last 24 hours.
- The whales’ purchase is not the only factor at play, as the overall slight bullish sentiment in the broader cryptocurrency market may also be contributing to the price uptrend.
- Ripple Labs is actively seeking to have the SEC lawsuit against it dismissed, asserting that XRP operates as a digital currency and not a security.
- The court’s ruling on Ripple’s request for dismissal could significantly impact the trajectory of the lawsuit.
Hot Take:
Despite the recent downturn in the XRP market, whales have shown confidence in the asset by making a significant investment. While the market has been bearish, there are signs of a slight uptick in XRP’s price and market cap. However, daily trading volume has decreased, indicating a decline in activity. It is important to keep an eye on the moves made by large-scale investors as they can influence the future of XRP and the broader cryptocurrency market. Additionally, Ripple Labs is actively challenging the SEC lawsuit against it, hoping for a dismissal that could have a major impact on the case. The outcome of this legal battle will be eagerly awaited by market participants.
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