Ripple (XRP) price tumbled 12.8% last week to $0.3439. While reacting to the news of interest rate hikes from the US side, XRP lost value in a short time.
XRP, which managed to hold the support at the level of $ 0.32 in November, made a progress, almost completely erased this gain. Awaiting a decision in the ongoing lawsuit with the SEC, Ripple is counting the days for the positive result. While the expectation of the community was locked on the outcome of this lawsuit, the accumulation of whales continued to increase.
Despite the 12.8% drop in the XRP price, whales continue to accumulate XRP. The number of addresses holding 1,000,000 to 10,000,000 XRP continues to rise, according to on-chain analytics firm Santiment.
The number of addresses holding 7.23% of the supply was determined as 1617. This is the highest number ever recorded. The biggest reason for this increase is the rally expectations of investors.
As demand for XRP increased, so did the expectation that the price would be $1. Retail investors stayed away from investing in anticipation that the price would drop to the $0.30 level.
Contrary to expectations, reaching the $1 level will not be easy. Before this move, all the resistances provided by the moving averages must be broken. A breakout and holding the 50-day EMA at $0.3903 will trigger a rise above the 100-day EMA as provided at $0.4033.
Traders, on the other hand, can confirm the bullish move as XRP breaks above the 200-day EMA at $0.4531 and the upper falling trendline.
How Will The Continuing Litigation Affect XRP Price?
While the XRP price has moved along with the rest of the crypto market in general in 2022, Ripple and SEC He also tended to react to his case. Many crypto experts and enthusiasts believe that Ripple can topple the regulator to win the lawsuit alleging that it violated securities law and sold unregistered tokens.
However, as both parties have made their final submissions, the outcome of the case can go either way. The enthusiasm for the Ripple victory came after a series of minor victories by the defendants over the SEC as the case progressed.
However, with the final decision being delayed, the XRP price may stabilize. A win for Ripple would mean a win for the XRP price, which may be why whales are throwing their weight behind the token.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.