Why XRP declined despite whale interest
- Whales began to show interest in XRP.
- The price continued to decline, but new collaborations could impact the token positively.
Ripple [XRP] saw massive ups and downs over the last few years due to its lawsuit against the SEC. However, as things cooled down on the litigious front, the uncertainty surrounding the price of the token still remained.
Whales move in
Over the past week, big Ripple investors made notable moves. They purchased about 11 million XRP, valued at around $6.82 million at press time. This indicated significant activity among large holders.
The acquisition is a reflection of ongoing dynamics within the market, with these major holders strategically positioning themselves. The purchase also suggested an increase in the capital flowing into XRP.
— Ali (@ali_charts) November 25, 2023
Apart from whale interest, the litigious crypto landscape could also impact XRP.
The legal POV
On the 26th of November, Ripple’s lawyer, John E. Deaton, criticized Senator Elizabeth Warren for not providing aid to over 300 Massachusetts investors.
Deaton further claimed Warren violated her oath by providing SEC Chair Gensler with questions and recommended answers instead of supporting investors.
She sits on the banking committee in the Senate but refused to help over 300 individual Massachusetts investors who reached out and asked her for help. She refused to even write a letter to the @SECGov on behalf of those investors. Instead of signing the letter to the SEC,… https://t.co/0utg82L5k2
— John E Deaton (@JohnEDeaton1) November 26, 2023
The crypto community reacted to increased regulatory threats, as the CFTC warned of heightened scrutiny, aligning with SEC’s and DoJ’s actions. Inasmuch, the outcomes of the Ripple, Kraken, and Coinbase cases may shape U.S. crypto regulations.
Key dates, like Coinbase’s motion hearing on the 17th of January 2024 and Ripple’s penalty decision can impact the crypto market and influence legislative responses to SEC actions.
Judge Failla’s rulings might affect the SEC’s regulatory approach, including potential appeals in the XRP Programmatic Sales case.
State of XRP
At press time, XRP was trading at $0.6083, having fallen by 2.08% in the last 24 hours. The volume at which XRP was trading had also declined. However, things could improve for XRP going forward. However, new updates could improve market sentiment.
Is your portfolio green? Check out the XRP Profit Calculator
Recently, Metaco, acquired by Ripple, collaborated with HSBC, sparking optimism among XRP enthusiasts. For the uninitiated, the “XRP army” views HSBC’s choice as a signal for XRPL and XRP token adoption.
Loyalty to a cryptocurrency often leads to optimistic assumptions. However, Metaco’s CEO noted that ongoing courting efforts could span 18 months, challenging simplistic narratives.