The data shows that altcoin whales have been accumulating aggressively since early December. This request is especially important as it concerns a coin from the top 10.
Altcoin whales heavily buy 14% drop
Ripple (XRP) price is stepping closer to a victory in its legal battle against the SEC. However, the slow pace of developments has caused the XRP price to follow broader market cues that are currently bearish. All eyes are now on the litigation process, which is expected to conclude by March next year. But according to the predictions of XRP supporter and lawyer John Deaton, there is a possibility that the result could be extended until April or even May. This is due to the volume of evidence and documents that need to be processed.
On the other hand, the latest development regarding the case was that Rodrigo Seira filed a provocation lawsuit. Appearing as a pro pilgrimage assistant, Seria will appear on behalf of Paradigm Operations as an attorney-at-law from another jurisdiction. As Kriptokoin.com, we have included the latest developments in this article.
XRP whales are accumulating
XRP whales have managed to amass a significant portion of the supply. Thus, they buy most of the drop in prices over the past few days. According to Santiment data, the number of addresses holding between 1 million XRP and 10 million XRP increased by 6.5% from 1,519 to 1,617 in one month.
At the same time, the supply of these whales has increased significantly. Currently, these 1,617 addresses collectively hold about 7.23% of the XRP supply, the highest figure recorded since the cryptocurrency’s inception. As mentioned above, if this bullish behavior reflects on retail investors, the XRP price rebound caused by the buying spree could begin.
Why are whales hoarding XRP?
XRP price has been on a steady decline in the past weeks. Its price has dropped 12% in the last 7 days. This price action motivated the whales to accumulate more XRP. However, crypto whales managed to move 120 million XRP in the last 24 hours. WhaleAlert reports that a whale address purchased $17.6 million worth of XRP from the Bitso crypto exchange. Meanwhile, the whales moved around 70 million XRP to crypto exchanges to abandon them.
Data provided by Santiment shows that whales were aggressively accumulating XRP in December. It was emphasized that the number of addresses of 1 to 10 million XRP whales reached ATH. This was probably the move of investors who wanted to evaluate the bottom prices before the upcoming litigation process.
https://twitter.com/santimentfeed/status/1605308867297935360
XRP price plunges as altcoin whales pile up
The lack of positive momentum and the continued fears of investors caused the market to draw attention to the decline in value. As a result, the XRP price did the same. Trading at $0.34, XRP has dropped almost 14% in the past seven days. XRP price is currently closer to testing the short-term support level at $0.33 as it fails to clear $0.34. If the altcoin breaks below this level, analyst Aaryamann Shrivastava predicts it could slide back to $0.32. Any drop from here will cause the cryptocurrency to drop to $0.31.
On the other hand, Ripple and XRP rally to the positive news from the case recently. Therefore, analyst Shrivastava is not ignoring price movements on the upside. In a situation where whale savings are accompanied by individual investors, he presents the following scenario.
However, if the efforts of XRP whales trigger bullish behavior in individual investors, the price could start to rise. Turning $0.34 into a support base allows XRP to attempt to break the critical resistance at $0.37. A daily candlestick above this level invalidates the bearish thesis and causes the altcoin to rebound towards $0.39.
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