XRP Accumulation Continues as XRPL Whale Activity Declines
Recent data by crypto market intelligence platform, Santiment, reveals that despite declining activity on the XRP Ledger in 2023, XRP whales, specifically those holding between 100,000 and 100 million XRP, have ramped up their accumulation. Their holdings have seen an increase from $7.16 billion to a staggering $7.89 billion within the span of a year. These whales and sharks now have a firm grip on 26.8% of the circulating 53.39 billion XRP.
In contrast, the XRP Ledger currently averages about 3,800 whale transactions (each worth $100,000 and above) every week. This presents a significant shift in whale behavior, leading many to speculate about the underlying reasons for this trend.
Forbes Prediction: Economic Downturn Might Boost Crypto Industry
In light of recent data from Santiment, Forbes suggests that an impending U.S. economic downturn might play into the hands of the crypto industry. Factors like the ongoing U.S. debt ceiling debates and aggressive fiat printing actions from the Federal Reserve may cause the U.S. dollar’s value to tumble. Such scenarios could set the stage for cryptocurrencies like XRP, Bitcoin, and ether to reach unprecedented highs. With XRP’s recent trajectory pointing upwards, it could potentially soar to new peaks amidst economic uncertainties.
XRP Experiences Spikes in Volatility Post SEC Developments
Since Ripple Labs secured a partial victory in its ongoing legal battle with the U.S. Securities and Exchange Commission in July, the price of XRP skyrocketed nearly 70%. However, with the lawsuit still ongoing and frequent updates affecting market sentiment, XRP’s price has seen notable fluctuations.
One of the latest developments in this legal tussle saw Judge Analisa Torres reject the SEC’s appeal bid against Ripple on October 3. Following this, XRP’s price saw a 5% boost, recovering some of its previous gains.
The final verdict of the Ripple-SEC lawsuit, slated to extend into the second quarter of 2024, will undoubtedly cast a shadow over XRP’s market performance and activity on the XRPL in the coming months.