Ripple’s original crypto, XRP, has managed to keep up with the increased selling pressure in the digital asset market. The price rise of XRP has been dependent on the positive results from the long-running Ripple lawsuit. However, data suggests that whales have been on an XRP accumulation spree while the biggest of the digital assets faced turbulence.
XRP Fundamental Analysis: Whales on accumulation spree
According to a report, the supply of XRP whale addresses has skyrocketed from 16.7% to 18.3% in the past 5 weeks. This directly indicates that whales are taking advantage of the recent market sentiments that caused the collapse of FTX.
Data shows that the XRP network recorded a major surge in the second week of November. This has been recorded as one of the biggest price pumps against the rest of the crypto markets. However, this is also the biggest jump in XRP price recorded in late September and early October.
However, at the time when the XRP price went back, crypto whale addresses containing 100k to 10 million XRP tokens went on an accumulation run. The report mentions that this jump came in a hurry. Data suggests that this XRP price run could come again soon as the whales continue to add more XRP to their addresses.
The XRP price has made over 2% in the last 24 hours. It is trading at an average price of $0.38 at press time.
Is Ripple Lawsuit Riding XRP Price High?
The long-running XRP vs SEC lawsuit will soon witness the summary ruling. As the lawsuit draws to a close, various speculations from experts and investors hit the market. However, it predicted that Ripple had the advantage over the US SEC.
XRP Holders’ attorney, John Deaton has suggested that the XRP lawsuit has become more important than ever to the SEC after the commission failed to identify the fraud led by SBF.
However, the US District Court has granted the motion requested by both parties. Ripple, the SEC asked the court to set a deadline of January 4, 2023 by which non-parties to the XRP lawsuit must request to seal portions of the summary judgment.
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