September 25, 2023

XRP Whales Accumulate as Token Beats Bitcoin Performance

XRP is performing better than most crypto assets in the market at this period, especially Bitcoin. This is the result of the increasing trajectory the crypto market’s sixth-biggest asset has been climbing for a number of days as reported by the on-chain analytics platform, Santiment.

XRP Hit New Heights

The on-chain analytics platform, Santiment, said that the pair of the XRP and BTC tokens has touched a price level that was last seen around this period last year, September. The current price level derives directly from the XRP accumulation spree crypto whales decided to venture into.

XRP/BTC price chart. Source TradingView

XRP is now performing higher than the market’s lead token, Bitcoin, as the crypto table’s number six asset keeps growing, as reported by Santiment. As of the time of this report, XRP trades at $0.51 as it shoots high by 20% in the course of the last 24 hours. It has also gone up by about 55% in the course of the past week.

While focusing on the general crypto market, Santiment said that crypto investors who held large amounts of the Tether USDT token are now adding more assets to the crypto holdings after the market’s fall early in the year.

Many Market Movements

The platform said that while crypto is still volatile and the stock market is getting ready for more interest rate increases, purchasing power is beginning to rise gradually for large holders of the USDT asset. Addresses that were valued between $100,000 to $10 million are said to have added about 4.03% to their wallets within the last 7 weeks. That accounts for 1.12% of the entire market supply.

Crypto analysts are trying to explain the great performance of XRP in the past few weeks. Many of them ascribe it to the enthusiasm among traders because the legal battle between Ripple and the US SEC is drawing to a close.

According to a crypto analyst, Ben Armstrong, the SEC spent the whole of last week in an attempt to prove to the court that XRP should be classified as a security.  He also said that if Ripple loses the case, which is not likely, XRP holders would not have to worry as Ripple would only have to pay a fine. And that would not be a big deal.

Armstrong also pointed out that if Ripple wins the case, as expected, XRP investors might be rewarded by the platform for their support and patience. 

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post Stocks Slide into Two-Year Low on the Bank of Central Banks’ Counter-Inflation Campaign
Next post British Pounds Fall to All-Time Low, Market Under Siege