Ripple-backed XRP Slides 7% amid Heightened XRPL’s Whale Activity

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As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored XRP‘s price action and on-chain data with great interest. The recent surge of more than 50 percent in two weeks was an impressive rally that caught my attention. However, the subsequent retreat of over 7 percent within a day was disheartening, especially after XRP reached resistance around its 200 weekly Moving Average (MA).

Following a significant surge of over 50% in the previous two weeks, Ripple Labs’ XRP now trades near 58 cents during early trading in New York, marking a nearly 7% decrease over the past day. The digital asset met strong resistance around its 200-week moving average (MA), peaking at approximately 63 cents.

Rising XRP Whale Activity

A prominent altcoin in the large-cap category, boasting a fully diluted market value of approximately $58 billion and an average daily trading volume of roughly $3.6 billion, has garnered significant interest from major investors in recent times. As per data from Santiment, around 52 billion units of XRP are currently held by wallets possessing over 100,000 units.

Last August, data from the blockchain indicated an increase in XRP hoarding by large investors, or “whales.” Yet, the fastest rate of XRP accumulation by these whales occurred in July. Approximately 85% of the entire XRP supply is controlled by wallets holding over 100,000 units.

Over the last two days, Whale Alert has identified numerous XRP transactions valued above $250 million. The largest of these transactions originated from Ripple. Yesterday, there were four significant transactions worth over $50 million reportedly made by whale investors on Binance as part of XRP accumulation. Transactions of a similar magnitude were also observed on other exchanges, such as Upbit, Bitso, and Bitstamp.

🚨 19,000,000 #XRP (10,961,925 USD) transferred from #Upbit to unknown wallet
— Whale Alert (@whale_alert) July 18, 2024

Upcoming Lawsuit Resolution

In his recent interview with Fortune, Brad Garlinghouse, CEO of Ripple, expressed his belief that the outcome of the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) will bring relief to XRP holders. Previously, the SEC had proposed imposing a fine of approximately $102 million on Ripple for allegedly breaching securities laws during institutional sales of XRP.

As someone who has closely followed the cryptocurrency market for years, I can tell you that the recent developments in the Ripple vs SEC case have been particularly intriguing. Based on my understanding of the situation, XRP sales on crypto exchanges were determined not to involve investment contracts, thereby classifying them as non-securities. This is a significant shift from the SEC’s initial stance and could set a precedent for other cryptocurrencies.

Additionally, the Securities and Exchange Commission (SEC) in the United States has given its approval for the listing of multiple Ethereum spot exchange-traded funds (ETFs). It is anticipated that trading on these ETFs will commence within the upcoming week.

What Next?

The price behavior of XRP is significantly influenced by the ongoing legal action brought forth by the US SEC (Securities and Exchange Commission). While Ripple has expanded its business activities beyond the US by over 90 percent, securing approval in the United States remains pivotal for its future expansion plans.

Greetings everyone, the price of XRP has risen by an impressive 67.56%, from $0.3814 to $0.6378. Consequently, I’d like to share an updated analysis based on this development using the 4-hour chart.
The ABC wave can take 2 days to complete & can extend to $0.499
Minor resistance at $0.87 before $1.03I’ll make sure to keep you posted
Have a great day!
— Dark Defender (@DefendDark) July 18, 2024

As a crypto investor following the analysis of Dark Defender, I believe that the XRP price may keep declining and reach the support level near 49 cents. After this potential drop, the token could regain momentum and head towards its mid-term goal of approximately 87 cents.

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2024-07-18 15:58