Ripple XRP, the native token of the company, has somehow managed to overcome the selling pressure in the crypto money market. The rise in the XRP price will determine its course due to the long-awaited Ripple-SEC lawsuit. Data from on-chain analytics firm Santiment has detected a spree of whales hoarding XRP.
Whales Focus: XRP
According to the report shared by Santiment, the supply held by XRP whale addresses increased from 16.7% to 18.3% in just five weeks. The FTX exchange, which collapsed in November, also reduced the prices of cryptocurrencies and triggered the investment of whales.
According to the data, the XRP network saw a significant jump in the second week of November. This growth in the network was remarkable, despite the markets grappling with major problems on the same date.
As a result, while the XRP price fell, the interest of whale addresses holding 100k to 10 million tokens increased. The whales’ hoarding frenzy took place simultaneously with the ‘leap’, which coincided with the fortnight of November. Despite the passing of a month, the interest of the whales continues to remain at the same level.
As Koinfinans.com reported, the XRP price has increased by more than 2% in the last 24 hours. The price was trading at $0.38 at the time of writing.
The long-running XRP-SEC lawsuit will be settled soon. As the case draws to a close, different speculations by experts and investors are affecting the market. However, it is among the incoming estimates that Ripple has an edge over the US SEC.
John Deaton, attorney for XRP Holders, has suggested that the XRP litigation has become more important than ever for the SEC after the commission failed to detect SBF-led fraud.
But the U.S. district court granted the request made by both parties. Ripple has asked the SEC court to set a deadline of January 4, 2023, when non-parties in the XRP lawsuit must request to seal any part of the Summary Resolution.
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.