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Why XRP declined despite whale interest

2min Read

XRP garnered attention from whales despite declining prices. Moreover, some collaborations might also exert a positive influence on the token’s future.

Why XRP declined despite whale interest

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  • 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.

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.

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.

Source: Santiment


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.

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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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