Ripple (XRP) Coin Analysis: Price Consolidation and Balances of Whales
The cryptocurrency markets experienced a strong recovery with the BlackRock news, but it was not sustainable. BTC started to decline again. While good news has not been able to produce permanent positive results on prices for the past few months, now bad news seems to have no effect on the price. It may be too early to celebrate, but we may be approaching a period of strong positive divergence in altcoins.
Ripple (XRP) Coin Reviews
Ripple () price has been consolidating around $0.50 since September 1st. The price has not deviated much from the critical threshold, whether it has fallen below or risen above it. A decision is expected to be made in September regarding whether or not the SEC‘s appeal application will be reviewed, following the summary judgment victory in July. There has been no progress in the first 15-day period, and news coming from this point can cause significant volatility in the price. It would not be surprising if it does not come until the end of the month, despite not having a clear day.
Arguments explaining why it is logical to have a hearing after the appeal have been presented from the Ripple side. Lawyers following the Ripple case see the likelihood of SEC approval as weak. If this does not happen, i.e., if the SEC approves, the main trial may be delayed and the victory-bringing decision may be overturned, resulting in a decrease in the price of XRP Coin. In the opposite scenario, the price will move in the opposite direction.
XRP Coin Whales
XRP Coin price has significantly declined since the July peak and even erased most of the gains that came with the summary judgment victory. However, the interest of whales continues. Whale investors holding between 1 million and 100 million coins, as shown in the graph below, added approximately 700 million XRP Coins to their cumulative balances between July 30th and September 15th.
The newly acquired 690 million coins are currently worth approximately 345 million dollars. While the XRP price declined by 30% from $0.70 to $0.50, whales continued their buying pressure throughout the accumulation period. This situation is in line with speculation that XRP could attract institutional influx with its escape from the security label.
Considering the interest of XRP Coin whales, a recovery is expected in the medium and long term. However, due to the size of net purchases, we may see bulls releasing more XRP into the market with higher profit demands at levels of $0.54 and $0.60.
