Catalyst for XRP price run appears as millionaire whales quickly increase holdings
On-chain analytics firm Sentiment believes that the catalyst could be a move for the seventh-largest cryptocurrency, XRP, as whales may rush to accumulate their holdings. This positive expectation may be the reason why large XRP holders continue to deposit at a discount.
XRP was a top gainer in late September and early October, briefly decoupling from the rest of the markets. As prices declined and the markets remained flat in the wake of Sam Bankman-Fried FTX’s collapse, Santiment noted an interesting trend.
It notes that, in recent weeks, XRP whale addresses holding 100,000 to 10 million XRP has hastily begun to increase their holdings, noting that whale address supply has grown from 16.7% to 18.3% in five weeks. Went. “Given the surge it wouldn’t be too surprising for XRP to have another run in this,” Sentiment wrote.
XRP continues to be in the spotlight as positive expectations of clarity being brought to the crypto industry as a result of the Ripple-SEC lawsuit remain. A positive catalyst for the XRP price in recent months was optimism in the Ripple-SEC lawsuit. In November, the XRP price briefly rose amid speculation of a settlement in the lawsuit.
The result of XRP being in the spotlight may soon be visible, as Sentiment notes that its growing social dominance could increase the likelihood of a price increase. At the time of publication, XRP was changing hands at $0.358, up 2.18% over the past 24 hours.
As all of the briefings for summary judgment motions are now complete, what remains pending are the sealing issues. The parties have requested that the court set a deadline of Jan. 4, 2023, by which non-parties (neither the SEC nor Ripple) must ask to seal portions of the summary judgment materials.
James K. In a recent update from Philen, who usually tweets on the Ripple lawsuit, the proposal for a new deadline has been approved by the court.
