Ripple’s legal debate continues as whales accumulate, supporting XRP’s upward trend in value amid ongoing market correction.
- Addresses holding over 100 million coins are about to hit 200.
- MVRV ratio stays at over 8% as bag holders remain in profit.
The legal community was debating the interpretation of the latest ruling in the Ripple and SEC lawsuit. Meanwhile, large investors, known as whales, once again began accumulating Ripple tokens. Recent data indicated that this accumulation was increasing in tandem with the upward trend in price.
– Read Ripple’s [XRP] Price Prediction 2023-24
Ripple whales step-up accumulation
As per a recent Santiment post, Ripple was experiencing a notable surge in whale accumulation. The post and accompanying chart revealed that there were currently 199 whale wallets holding over 100 million coins, valued at a minimum of $74 million. This figure matched the highest number of such wallets seen since 13 May.
Furthermore, the recent rise in XRP’s value has propelled it to become the fourth-largest asset based on market capitalization. This surge in value coincides with ongoing discussions and speculations about a potential SEC appeal against Ripple, which has been gaining momentum in the financial community.
Ripple to rise despite liquidations
A glance at the crucial Ripple metrics on Coinglass indicated a noteworthy liquidation level in the past 24 hours, with long positions taking the lead. Based on the liquidation chart, long positions have experienced liquidations amounting to more than $600,000 during this period. Despite these liquidations, the funding rate remained positive.
As of this writing, the weighted funding rate suggested that traders maintained optimism regarding XRP’s potential for further price growth. This indicated that despite recent liquidations, traders still had a prevailing sentiment that XRP’s value would rise.
Is the XRP correction underway?
According to the daily timeframe chart, Ripple has been going through a consistent downtrend in its price since 20 July, with only a brief respite observed on 23 July. It has suffered a decline of over 6% and is trading at approximately $0.69.
The overall cryptocurrency market was also experiencing a slump in prices as of this writing. However, the specific case of XRP could be attributed to a price correction.
After a significant price spike, XRP remained in the overbought zone for a considerable period before dropping to around 55 as of this writing. This indicated a weakening bull trend, coinciding with the recent downtrend in price.
– Realistic or not, here’s XRP market cap in BTC’s terms
Additionally, the 30-day Market Value to Realized Value ratio (MVRV) data on Santiment showed that XRP holders have been holding their coins at a profit. However, there had been a sharp decrease, signifying the correction the asset was presently undergoing. It was over 8% as of this writing.
