Posted on

XRP Whales Accumulate Massive Tokens – Is A Bull Run Coming?

The XRP price dipped in 2022 during the crypto winter, and the back-and-forth legal exchange between Ripple Labs and the U.S. Securities and Exchange Commission has not helped matters.

However, the token is still attracting interest from whales and institutional investors. XRP still has a chance of recovery, which seems to be the motivation behind the whale mass acquisition of the token.

Whales Seize The Dip

WhaleAlert reported that whales had moved 128 million-plus XRP worth close to $53 million in the last day. The largest whale activity recorded in that period was the movement of 35 million XRP worth around $15 million to the Bitstamp exchange. 

According to the data, whales have purchased up to 69 million XRP tokens in 24 hours. The first accumulation noted by Whale Alert is the addition of 33 million XRP (approx worth above $13 million) to a Bitstamp address.

Another large whale accumulation was 36 million tokens sent to a Bitstamp address worth 14,972,855 USD at the time of the transaction.

Whalestats also reports that XRP was the most traded token among the top 100 BSC whales. The top 100 whales on this list currently hold more than $28.6 million worth of XRP, which accounts for 2.5% of their entire portfolio.

Over the past few days, there has been increased whale activity on the XRP network. WhaleAlert reported massive transfers exceeding 600 million XRP tokens between anonymous whale addresses. The whale transfers come amid rising crypto inflows from investors since the beginning of the year.

A single transaction, as reported by WhaleAlert, carried 254,594,795 XRP, which amounted to $107,778,830 between two unnamed whale addresses. Another was about 221,500,500 XRP worth $89,110,472 from an unknown whale address to a Bittrex-linked wallet. Each of the transfers occurred in single transactions.

Ripple Versus SEC: Is The End In Sight?

The ongoing legal drama between Ripple Labs, Ripple (XRP) developers, and the SEC will likely end in 2023. Brad Garlinghouse, head of Ripple Labs, said he hopes for a conclusion in the ongoing saga in the first half of 2023.

The SEC sued Ripple Labs in 2020 for selling XRP tokens to the public, which it says were unregistered securities. The SEC has repeatedly classified XRP as securities, with the Ripple defense team objecting to the idea. Garlinghouse stated that the judgment would take some time, but his confidence in Ripple’s chances of a victory is high.

However, he emphasized that a settlement is unlikely since SEC chairman Gary Gensler has labeled all cryptos as securities. Both parties have completed the final step in their motion for summary judgment and are now anticipating the court’s decision.

XRP Whales Accumulate Almost 60.2 Million Tokens, Is A Bull Run Coming?

Meanwhile, the lead counsel to the defendant in the XRP case, Stuart Alderoty, said the lawsuit’s outcome would define what tokens are securities in the crypto space. He added that the ruling would impact crypto asset regulations in the industry.

Posted on

XRP Spikes 2% In Past 24 Hours Despite Recent Bearish Developments

Ripple has been locked in a bitter court battle with the U.S. Securities and Exchange Commission regarding whether XRP should be classified as a security or not.

Ripple’s CEO, Brad Garlinghouse, recently tweeted about him being optimistic but cautious of what 2023 brings in terms of regulations. 

Because of this, XRP has been trading sideways, a movement not altered since FTX’s collapse. Adding to the downward pressure is the significant whale activity on the market. According to Whale Alert, whales have been moving hundreds of millions worth of XRP to the open market with the biggest transfer worth $92 million. 

However, the market seems bullish despite recent bearish developments as XRP, as of writing, went up by 2% in the past 24 hours. XRP is currently trading at $0.3435, down 0.5% in the last seven days, data by Coingecko shows.

What XRP’s Case Mean For Crypto And Its Price

The day the SEC filed the complaint, December 21, 2020, XRP fell by 67.13% on the charts. However, December 5 proved to be a day XRP holders should rejoice. According to a report, the SEC failed to satisfy the three elements of the Howey Test which determines whether the asset is a security or not. 

This is a big win not just for Ripple but for the entire crypto industry as this would legitimize crypto’s place in the financial space. With the company and community hopeful for a win, Ripple released to escrow over 55% of XRP’s total supply out of which is a billion XRP. 

Although the market is very hopeful for a win, Garlinghouse’s statement shows a very mixed sentiment about what 2023 will bring for the company and for the world of crypto.

But he is very clear on what could – or better yet, should – happen this year; break the status quo in the current U.S. legislation about what crypto should and shouldn’t be or America will lose its innovation leader status. 

Investors Should Watch Out For This…

Currently, the sideways market movement could be broken in the next few weeks. As of writing, investors and traders of the token are pushing the price up to test the $0.3680 price resistance range. 

With low correlation with Bitcoin and Ethereum, it might only be slightly dampened by bad macroeconomics as recession fears grow. 

Crypto market FUD (fear, uncertainty and doubt), however, might become a problem. As of now, two events are sending negative signals to investors of crypto. First is Huobi’s decision to lay-off 20% of its workers, and the second is the Genesis-DCG fiasco. 

Any negative developments here might affect XRP’s ability to test its current resistance range. As the situation develops, investors and traders should capitalize on the token’s current bullish momentum.  

-Featured Image: The Daily Hodl

Posted on

XRP Gets 60% Boost In Last 30 Days – Ripple Win Vs. SEC Seen To Lift Price Higher

XRP is in a wait-and-see position as it braces for the conclusion of a lawsuit filed by the U.S. Securities and Exchange Commission against Ripple Labs.

  • XRP’s forecast average price for October 2022 is $0.50995
  • XRP, at one point, was up by almost 60%
  • Ripple Labs continue to gain procedural wins against SEC

It can be recalled that on December 22, 2020, the regulatory body announced it has lodged a complaint against the American technology firm and two of its executives for selling XRP which the complainant considers an unregistered security.

Christian Larsen, co-founder and former CEO of Ripple Labs and Bradley Garlinghouse, current CEO, was also included in the lawsuit as the duo was alleged to be involved in making around $600 million by selling the cryptocurrency.

Since then, the digital asset seems to have been relegated to the sidelines, affecting its performance in the crypto space.

In fact, XRP has now lost 85% of its $3.40-all-time high value attained on May 22, 2014. The crypto, however, is refusing to be dragged down, as it slowly climbs back to relevance.

XRP Posts Impressive 30-Day Growth

At press time, according to data from CoinMarketCap, XRP is currently changing hands at $0.51. It has been down by 1.7% for the past hour but at one point was up by almost 60% for the last 30 days.

The recent price correction experienced by the asset trimmed its monthly gain, which now stands at 50.3%.

Source: CoinMarketCap

Still, the 6th largest cryptocurrency in terms of market capitalization is one of the few altcoins that have managed to mount a bullish rally despite the bearish month of September.

Some analysts believe that one of the reasons for the crypto’s impressive performance is the fact that Ripple Labs managed to get procedural wins against SEC in their legal fight.

Just recently, a district judge has ordered the release of documents pertaining to a speech made by former Division Director William Hinman where he said Bitcoin and Ethereum are not securities.

XRP Price Forecast

At the start of this year, XRP has experienced fluctuations in its price that influence price forecast for the asset.

For this month, crypto experts say the asset’s average price will stand at $0.50995. The lowest possible price for the crypto this October is $0.45995 while the highest is $0.51995.

According to analysis, the coming month of November won’t be any different for XRP, as it is expected to trade at an average price of $0.51995. The crypto is expected to peak at $0.53995 and bottom at $0.48995.

In the foreseeable future, assuming Ripple Labs finally wins its legal dispute with the SEC, XRP is expected to hit and firmly hold the $1 mark.

XRP total market cap at $25.6 billion | Featured image from The Daily Hodl, Chart: TradingView.com

Posted on

XRP Braces For Turbulence Amid Looming Fed Hike, Ongoing Ripple-SEC Court War

It seems now that XRP fell short on capitalizing on hopes that Ripple will finally earn a victory on its long-running legal dispute with the U.S. Securities and Exchange Commission as it swayed between profits and losses on September 19.

It can be recalled that the SEC and Ripple Labs, the company behind XRP, agreed to expedite the lawsuit that aimed to determine whether or not the cryptocurrency could be considered a security.

Both parties now want a federal judge to make a ruling on whether or not Ripple Labs violated federal securities laws or otherwise dismiss the lawsuit, ending the legal battle.

With this, New York Southern District Judge Analisa Torres has been asked to make a summary judgment based on the arguments and accompanying documents submitted by SEC and Ripple Labs which were posted on a federal court database on Friday.

Entrepreneur and crypto enthusiast Jeff Sekinger shared some insights about the matter on Twitter, saying that the case was going in favor of Ripple Labs.

The Pressure Of An Imminent Fed Hike

Basing on its September 19 daily candlestick, experts inferred that XRP’s performance showed a possible growing bias conflict among traders, with the cryptocurrency having sharp bullish and bearish runs. It ended trading at $0.35 that day.

While the SEC lawsuit remains a big factor for this, it is believed that there is another possible reason for the way XRP performed. It could be the upcoming move of the Federal Reserve to have 75 or 100 basis points increase in its benchmark interest rates which is expected to take effect on September 20.

These rate hikes have been proven over the years to put tremendous pressure on the crypto market affecting even pack leaders Bitcoin and Ethereum.

XRP Not Yet Out Of The Woods

As of this writing, XRP seems to be doing well as data from CoinGecko show that it is trading at $0.37, and is looking at a 10% increase in its price over the last 24 hours.

But it turns out that this gain is nothing to be excited about, as independent market analyst Cheds shared its observation, stating that XRP price has been fluctuating, confined inside a “rectangular range” since June.

This “range” as described by Cheds has the resistance of $0.38-$0.40 and support that is set at $0.28-$0.30. XRP, after experiencing a price drop on September 19, is headed towards the support area and could be going under $0.25 in the final quarter of 2022, losing 30% of its value.

XRP total market cap at $18.5 billion on the daily chart | Source: TradingView.com

Featured image from Kriptokoin.com, Chart from TradingView.com

(The analysis represents the author’s personal views and should not be construed as investment advice).