The price of XRP, Ripple’s native cryptocurrency, is beginning to exhibit signs of recovery, per recent data from Santiment, a blockchain analysis platform. This data demonstrates a growing interest from whales who are holding XRP.
According to Santiment, the XRP price increased by 4% over the weekend, reaching $0.56. Additionally, the platform noted that there are currently 221 addresses holding between 10 million and 1 billion XRP. In total, these addresses hold 16.13 billion tokens, which is equivalent to $8.71 billion at the price.
#XRPNetwork is starting to see some mild recovery signs, and today’s +4% price rise appears to be supported some of the asset’s largest whales. There are 221 addresses holding between 10M-1B $XRP. They now hold a combined 16.13B tokens worth $8.71B. https://t.co/vyy0WwRtFq pic.twitter.com/4wMLQxMlIA
— Santiment (@santimentfeed) August 20, 2023
XRP Price Rebounds Thanks to Enthusiastic Whales
The increased activity of these major XRP whales seems to be aiding the recent price recuperation after a prolonged bearish period due to its ongoing battle with the SEC. Furthermore, as recently reported by ZyCrypto, XRP has not returned to its all-time high in the past 5 years, suggesting that the whales might be anticipating the next bullish rally.
Another factor potentially contributing to XRP’s price recovery could be Ripple’s recent decision to return 80% of the one billion XRP tokens it had released in August to an escrow or custody account. This demonstrates a more cautious approach towards the supply and stability of the XRP ecosystem.
Moreover, investor interest in XRP has surged by 127% this year, as indicated by the CoinShares Digital Asset Fund Flows report. This represents a 12% increase in assets under management related to cryptocurrencies. Ripple’s recent victory against the SEC might partially influence investors’ decisions.
Ripple’s Partial Victory in SEC Lawsuit
Ripple recently achieved its most significant partial victory in the SEC case. This followed a judicial ruling by Judge Analisa Torres of the Southern District of New York, stating that XRP is not a security, distinguishing it from cryptocurrencies that promise returns through third-party management.
Upon the judge’s decision on July 13, XRP experienced an unexpected rebound of nearly 100%, surging from $0.4698 to a peak of $0.9380. However, it failed to sustain its bullish momentum in the subsequent days. It currently trades at $0.5208 as the SEC seeks to challenge Judge Torres’ ruling.
Hence, while the bullish trend still appears somewhat fragile, the major whales remain hopeful that Ripple’s legal battle against the SEC coming to an end will restore XRP’s days of glory. Despite ongoing regulatory scrutiny, it continues to maintain its position as the fifth cryptocurrency with the highest market capitalization.