Ripple’s native crypto XRPwitnessed a major price correction last week after a major volatility. On-chain data shows that crypto whales are waiting for a price drop opportunity to load more XRP tokens as the long-running Ripple Litigation moves towards a summary verdict.
Are XRP Whales Planning Something Big?
According to Ali Charts, a crypto analyst, Ripple Whales, altcoin It made a big move as its price fell. The whales have accumulated around 360 million XRP in just 7 days. During this time, the XRP price has dropped by 12%.
Crypto The asset entered 2023 trading at an average price of $0.3399. Since then, the XRP price has risen almost 40% to hover around $0.47. However, the token also broke the $0.50 price barrier in the meantime to trade at $0.54. This price action illustrates the positive sentiment that has emerged to support XRP amid regulatory troubles being pushed by the US SEC.
The altcoin is trading at an average of $0.475 at the time of writing. 24-hour trading volume fell more than 14% to $822 million. It still has a market capitalization of over $25 billion.
Is The Ripple Case Near The End?
The US SEC Vs Ripple lawsuit is approaching a much-anticipated summary judgment that is expected to provide regulatory clarity to the crypto industry. Ripple and the defendants seem to have gained the upper hand in the legal battle as the court made several rulings in their favour.
The notorious Hinman Speech-related documents that have surfaced recently have been a big win for Ripple. However, this did not help the XRP price to rise. As the XRP lawsuit nears its anticipated verdict, it’s possible for whales to seek further price drops to hoard more XRP tokens.