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XRP Whales Are In Accumulation Mode

It’s been revealed that the XRP whales are now in accumulation mode. Check out the latest reports about the digital asset below.

XRP whales accumulate

XRP is outperforming Bitcoin (BTC) as the upward trajectory of coin continues, according to crypto analytics firm Santiment.

Santiment made sure to say that the XRP/BTC pair has hit a price last reached in September of 2021 as crypto sharks and whales accumulate XRP.

Santiment says that the surge in the price of XRP is driven by hopes of a potential settlement in the lawsuit the U.S. Securities and Exchange Commission (SEC) lodged against Ripple in December 2020.

“The price ratio of XRP/BTC has hit a one-year high of 0.000025 BTC [$0.48] on the continued optimism of a potential settlement of Ripple with the SEC. Active shark and whale addresses holding one million to ten million XRP have been in an accumulation pattern since late 2020.”

Regarding the wider crypto market, Santiment says that large holders of the Tether (USDT) stablecoin are adding to their digital asset holdings following the downturn earlier this year.

“As crypto remains volatile as equities brace for further rate hikes, buying power is picking up gradually among large USDT addresses. $100,000 to $10 million valued addresses have added 4.03% more to their bags in the past seven weeks, 1.12% of the total supply.”

XRP price analysis

Regarding XRP, Santiment made sure to say that optimism among traders that Ripple Labs and the U.S. Securities Exchange will reach a settlement in the ongoing lawsuit has contributed to a price bump for the sixth-largest crypto asset by market cap.

“XRP Network is +17% this past week, while Bitcoin (-5%), Ethereum (-16%), and most of crypto has declined. The ongoing battles between Ripple and the SEC regarding increased regulation has mainly led to increased trader optimism and high whale movement.”

Stay tuned for more news, and make sure to keep your eyes on the market.

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