As Ripple continues to fight off claims of malpractice, good tidings could be on the horizon in terms of its price. The price of XRP took a major hit when Ripple CEO Brad Garlinghouse and his colleague were sounded out by the SEC for not offering the token to the public in a legal way. The class action suit filed back in December saw investors take to the hills while popular exchanges delisted the asset from their platforms.
Whales Unmoved
A recent report however reveals that ripple whales are unmoved by the recent happenings surrounding Ripple Labs and its token XRP. The report shows that despite the flight of exchanges from XRP, 90% of XRP volumes remained intact because many market participants moved forward with XRP-related business outside the U.S. Moreover, the token’s on-demand- liquidity saw a 12X year over year growth in transaction volumes and the addition of 15 new customers. At the same time SBI Holdings announced the addition of XRP to the crypto lending service.
After XRP saw a dip like never before a month ago, the price is now showing signs of recovery. At the beginning of the month, its market value saw a 200% rise. The price soon tanked as traders who had seen their token values crash took the chance to cash out and salvage some of the pieces left by a messy Ripple head on collision with the SEC. Even as volatility remains high, Ripple still continues to hold above the $0.40 support level.
There is an indication that whales are indeed beginning to buy in because the number of addresses holding $1,000,000 to $10,000,000 XRP has gone up by roughly 2.60% since February. The numbers indicate that whales see a long term future for XRP and are planning to continue holding on to the troubled asset. Ripple enthusiasts are hoping for better days ahead as they await a decision by the courts that could settle their issues with the SEC. As long as the issue remains in the balance, traders are likely to steer clear of the asset at least in the short term.
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