Why XRP Price May Skyrocket In Coming Weeks? On-Chain Report
Ripple’s native crypto, XRP has managed to keep up with the increased selling pressure in the digital asset market. XRP price surge has been depending on the positive outcomes from the long running Ripple lawsuit. However, data suggests that Whales have been on the XRP accumulation spree while the largest of the digital assets were facing turbulence.
XRP Fundamental Analysis: Whales On Accumulation spree
As per a report, XRP whale addresses’ supply held has skyrocketed from 16.7% to 18.3% over the past 5 weeks. This directly indicates that whales took pure benefit of the recent market sentiments that caused the collapse of the FTX.
Data depicts that the XRP Network registered a major spike in the second week of November. This has been recorded as one of the biggest price pumps against the rest of the crypto markets. However, this is also the biggest jump in XRP price registered in late September and early October.
However, at the time when the XRP price backtracked, Crypto whale addresses holding 100k to 10 million XRP tokens went on an accumulation spree. The report mentions that this jump came in a hurry. Data suggests that this XRP price run can come again soon as the whales are still adding more XRP to their addresses.
XRP price is done by over 2% in the last 24 hours. It is trading at an average price of $0.38, at the press time.
Is Ripple lawsuit Riding XRP price high?
The long running XRP vs SEC lawsuit will soon witness the Summary Judgment ruling. As the lawsuit is approaching towards the end, different speculations by experts and investors are hitting the market. However, it anticipated that Ripple have the edge over the US SEC.
XRP Holders’ lawyer, John Deaton has suggested that the XRP lawsuit has become more important than ever for the SEC after the commission failed to identify the SBF led fraud.
However, the US district court has granted the motion requested by both parties. Ripple, SEC asked the court to set a deadline of January 4, 2023 by which non parties in the XRP lawsuit must ask to seal any portions of the Summary Judgment.
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