Ripple whales have been active as the XRP price movement continues to decline. Still, it is unknown if whales are preparing for anything significant.
The overall market capitalization of cryptocurrencies has followed the same rangebound pattern as the majority of leading cryptocurrencies wobble below their critical support levels. Despite periodic increases in social volume, Ripple’s XRP price has maintained a bigger downward trend.
At the time of writing, the XRP price was $0.4572, representing a daily decline of 3.01% and a weekly decline of 6.35 %. Technically, the XRP price was still trying to overcome the bigger pessimistic sentiment.
Still, several interesting improvements in its on-chain metrics gave XRP investors cause for optimism.
Ripple whales, XRP investors, and traders, in addition to the XRP price, are at the mercy of the outcome of the Ripple vs. SEC lawsuit. As the two-year legal fight continues, the price of XRP has declined significantly from its 2018 high of $3.40.
Even with sluggish market momentum, Ripple whales continue to accumulate. In the last several months, Ripple whales have acquired close to 300 million XRP.
Whales have a tendency to accumulate during times of low volatility, when an asset is offered at a bargain, and when they anticipate that prices will increase dramatically in the near future.
Therefore, may XRP whales be planning for a victory in Ripple vs. SEC, which would result in a break above critical resistance levels? Or even a race to its prior ATH?
Also Read: Ethereum Surpasses The Nasdaq By 20% Amid A Three-Month Stock Market Decline
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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