Large XRP Wallets Increase Holdings Amid Crypto Events
Over the past year, wallets holding between 100K and 100M XRP have been accumulating the cryptocurrency. These large investors now hold approximately $7.9 billion worth of XRP, which is 26.8% of the circulating supply. This is an increase from the $7.16 billion they held in October 2022. The accumulation trend began in November 2021, following major crypto events such as the FTX meltdown and the collapse of Terra’s LUNA and UST tokens, which caused significant losses for investors.
Investing in XRP Amid Uncertainty
Analysts and experts suggest that investing in XRP could be profitable if Ripple wins its legal battle against the US SEC. A favorable outcome in the lawsuit could potentially trigger a bull run for XRP in 2024. In addition to legal developments, other factors that could contribute to a price increase include new banking collaborations, macroeconomic conditions, market trends, and technological advancements.
Hot Take: Positive Outlook for XRP’s Future
If Ripple successfully resolves its legal issues with the US SEC, it could have a positive impact on the price of XRP. Combined with other favorable market factors, this could potentially lead to a significant rally for the cryptocurrency in 2024. Investors who are considering buying XRP should closely monitor these developments and assess their risk tolerance before making any investment decisions.
TL;DR
Large XRP wallets have increased their holdings to $7.9 billion from $7.16 billion in October 2022. Accumulation spiked after major crypto events, including the FTX meltdown and Terra’s LUNA and UST collapse. A positive outcome for Ripple against the US SEC could boost XRP’s price in 2024, alongside other favorable market factors.
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