xrp crypto value

XRP Whales Gather Billions of Coins With Hopes that Its Price Will Rise

Ripple Wallet Open and Flowing with XRP Tokens
Written by publisher team

data From Santiment that XRP whale addresses possess 3.31B XRPs. According to the report, the whales have been keeping up with their accretion exercise for a year. During the last three months of 2021, smart money whales collected a total of 19 million coins. Furthermore, the coin accumulation process gives whales an interest rate of 6% for the three months.

Whale alert?

At the time of writing, XRP is ranked as the eighth largest digital asset trade Priced at $0.83. The participation of whales may trigger scenarios of price manipulation and a possible collapse of the cryptocurrency. Thus, the buying and selling behavior of XRP may be under the control of many large investors. When large buy orders occur, prices start to rise because the asset is on demand. At the same time, the value of the asset decreases when there are more sell orders than buy orders. So XRP whale millionaires can determine the future value of the asset by looking at how much XRP they own. Ultimately, the XRP market could go through an intense cycle of ups or downs.

XRP is currently at a make or break point as it attempts to maintain the $0.8 range. At the moment, the support and resistance levels for the digital asset stand at $0.75 and $0.89, respectively. Therefore it is in a narrow price range which may allow the bulls to start the breakout. If XRP moves above the resistance level of $0.89, it may increase its value in the future. Thus, a move below the resistance level may cause the asset’s prices to decline over time.

Ripple legal battles

the Securities and Exchange Commission The lawsuit against Ripple in 2020 is a major contributor to XRP’s price momentum. The FSA made its way to court claiming that Ripple was issuing unlicensed securities. According to the SEC, Ripple has been selling more than 14 billion XRP to generate profits for the company. Then XRP started to face delisting actions from various trading platforms such as Queen Pieceand Bitstamp and OKCoin.

In Ripple’s defense, the company said that XRP does not act as a security or investment contract. Instead, the asset is a tradable digital currency that anyone can use in the market. Moreover, Ripple argues that the SEC did not give fair notice that the XRP sales were against state policies. The lawsuit came as a huge blow especially for XRP holders and the entire crypto community. For now, the XRP community is looking forward to the Expert Discovery session on January 14, 2022. From there, Ripple can determine its fate in the growing digital asset market.

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