Ripple
As Ripple case nears resolution, XRP whales ramp up accumulation
Posted:
| Last updated: February 6th, 2024
Journalist
- Whales showed increased interest in XRP as network growth declined.
- Ripple began its plans of expansion by acquiring a European crypto exchange.
The ongoing Ripple vs SEC case has had massive impacts on both the crypto sector and Ripple’s [XRP] price. However, as the case inches closer to its end, many whales have showcased their interest in XRP.
Realistic or not, here’s XRP’s market cap in BTC’s terms
Whales make more than a Ripple
According to Santiment’s data, it was revealed that in the past three weeks, whales have made significant XRP purchases amounting to over 52 million XRP. These acquisitions carry an approximate value of $22.9 million.
Source: Santiment
However, despite the high interest showcased by whales, XRP’s price hasn’t seen a massive positive change.
Since 19 April, there has been a notable decline of 11.89% in XRP’s price. As of press time, XRP was being traded at a value of $0.474.
The RSI of XRP had increased to 63.08, showing that price momentum has been on XRP’s side over the last few days. However, it also indicated it was in a slightly overbought position at the time of writing, with a possibility of a price reversal.
XRP’s CMF was also declining, suggesting that buying pressure for the token had waned.
Source: Trading View
Looking at the details
Another factor that could impact XRP would be its falling network growth – an indicator that there was less activity from new addresses. Despite the decreasing price and network growth, the token’s velocity remained consistent.
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During this period, development activity around the network also fell, implying that developers weren’t contributing as much to XRP’s GitHub.
Source: Santiment
However, Ripple’s plans to expand internationally may aid XRP in the long run. In a recent announcement, Ripple stated that it had acquired the European exchange, Bitstamp. Ripple’s CEO further affirmed that Ripple would be expanding in crypto-friendly markets through the means of acquisitions in the future.
