Catalyst for XRP price run appears as millionaire whales quickly increase holdings
On-chain analytics firm Santiment opines that the catalyst for a price run for the seventh largest cryptocurrency, XRP, might be brewing as whales hurriedly add to their holdings. This positive expectation might be the reason why large XRP holders continue to accumulate 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 began to increase their holdings in a hurry, noting that the whale address supply went from 16.7% to 18.3% in five weeks. Santiment wrote, “It wouldn’t be terribly surprising for XRP to have another run in it, considering the increase.”
🐳 Whales continue to play a major role in how markets ebb & flow. In flat market conditions like right now, keeping tabs on which assets are getting accumulated & dumped can lead to huge wins. Check out how $LTC, $XRP, $UNI, $COMP, $MKR, and $QNT look. 👀 https://t.co/mkirj5sy0u
— Santiment (@santimentfeed) December 13, 2022
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 might soon be visible, as Santiment noted that its increasing social dominance might boost the chances of a price increase. At the time of publication, XRP was changing hands at $0.358, up 2.18% in the last 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.
In a recent update by James K. Filan, who usually tweets on the Ripple lawsuit, the motion for the new deadline has been granted by the court.