Ripple’s XRP Shows Signs of Recovery as Whales Accumulate
After a week of heavy selling pressure, Ripple’s native cryptocurrency XRP is showing signs of a healthy recovery. As of press time, XRP is up 1.68% with a price of $0.5299 and a market cap just above $28 billion.
Main Key Points:
- XRP whales are accumulating the dips, indicating a positive trend.
- There are 221 addresses holding a substantial amount of XRP, totaling 16.13 billion tokens valued at approximately $8.71 billion.
- The SEC’s recent court filing suggests that XRP may not be considered a security.
- Amicus Curiae attorney John E Deaton believes that Ripple holders played a significant role in the SEC’s concession.
- XRP’s price action remains below the 50-day EMA, indicating short-term bearishness.
Hot Take: Despite the recent selling pressure and regulatory uncertainty, XRP’s recovery and whale accumulation indicate a positive outlook for the cryptocurrency. The SEC’s acknowledgment that digital assets may not be inherently securities could potentially strengthen XRP’s position in the market.
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