Advertisement
AD

Main navigation

Millionaire XRP Whales Quickly Filling Their Bags, Here Might Be Reason

Advertisement
Tue, 13/12/2022 - 10:58
Millionaire XRP Whales Quickly Filling Their Bags, Here Might Be Reason
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

On-chain analytics firm Santiment opines that the catalyst for a price run for the seventh largest cryptocurrency, XRP, might be brewing as whales hurriedly add to their holdings. This positive expectation might be the reason why large XRP holders continue to accumulate at a discount.

Advertisement

XRP was a top gainer in late September and early October, briefly decoupling from the rest of the markets. As prices declined and the markets remained flat in the wake of Sam Bankman-Fried FTX's collapse, Santiment noted an interesting trend.

Related
XRP Looks Ready for Big Move, Here Might Be Potential Catalysts

It notes that, in recent weeks, XRP whale addresses holding 100,000 to 10 million XRP began to increase their holdings in a hurry, noting that the whale address supply went from 16.7% to 18.3% in five weeks. Santiment wrote, "It wouldn't be terribly surprising for XRP to have another run in it, considering the increase."

XRP continues to be in the spotlight as positive expectations of clarity being brought to the crypto industry as a result of the Ripple-SEC lawsuit remain. A positive catalyst for the XRP price in recent months was optimism in the Ripple-SEC lawsuit. In November, the XRP price briefly rose amid speculation of a settlement in the lawsuit.

The result of XRP being in the spotlight might soon be visible, as Santiment noted that its increasing social dominance might boost the chances of a price increase. At the time of publication, XRP was changing hands at $0.358, up 2.18% in the last 24 hours.

Related
XRP Pump Chances Now Higher Than Usual, Santiment Says, But There’s Catch

As all of the briefings for summary judgment motions are now complete, what remains pending are the sealing issues. The parties have requested that the court set a deadline of Jan. 4, 2023, by which non-parties (neither the SEC nor Ripple) must ask to seal portions of the summary judgment materials.

In a recent update by James K. Filan, who usually tweets on the Ripple lawsuit, the motion for the new deadline has been granted by the court.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD