Whales Accumulate XRP as Price Crosses Psychological Mark
Recently, the cryptocurrency market saw a bullish wave that led to advancements in various assets. XRP, in particular, has crossed a critical psychological price mark for the first time since early August. At the same time, whales have been accumulating XRP at the highest levels this year.
Increased Whale Accumulation and Market Value
Cryptocurrency wallets holding between 100,000 and one billion XRP have accumulated 45.8% of its total supply, marking the highest level in 2023. Additionally, the market value of XRP Ledger’s cryptocurrency surpassed $0.68 for the first time since August 2.
Rise in Discussion Rates and Price Surge Against Bitcoin
The increased whale accumulation and market value coincide with a significant spike in XRP discussion rates since mid-July. Moreover, XRP has risen by 23% against Bitcoin’s price in just one week.
XRP Briefly Crosses $0.7 Mark Amid Positive Narrative
Yesterday, XRP briefly exceeded the $0.7 mark, experiencing a 10% rally in a single day. This surge occurred during a crypto market-wide slowdown and was driven by the positive narrative surrounding Ripple’s legal standoff with the United States Securities and Exchange Commission (SEC).
Potential Lower Damages for Ripple
Legal experts suggest that Ripple may have to pay significantly less in damages than the $770 million penalty sought by the SEC. This is due to the court ruling that declared XRP sales to institutional buyers as securities sales.
Hot Take: Whales Accumulate XRP as Price Surpasses Key Level
The recent surge in XRP’s price and increased whale accumulation indicate a positive sentiment surrounding the cryptocurrency. With XRP crossing the critical psychological mark and experiencing significant price movements, it is clear that investors and market participants are showing renewed interest in the asset. The ongoing legal battle between Ripple and the SEC also adds to the narrative, potentially influencing market dynamics. As XRP continues to gain momentum, it will be interesting to see how these factors shape its future trajectory.
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