XRPĀ whalesĀ continue to take advantage of the assetās recent price correction to accumulate more tokens. Indeed, XRPās price correction follows the generalĀ crypto marketĀ plunge alongside the tokenās inability to sustain gains from the minor wins recorded in the ongoingĀ RippleĀ and Securities Exchange Commission (SEC) case.Ā
In particular, as of December 21, XRP whale and shark addresses holding between 1 million to 10 million tokens increased to 1,617 in the last month of 2022. Notably, the holding has elevated the addresses to account for the all-time high share of the XRP tokens held at 7.23%, data by crypto analysis platformĀ SantimentĀ indicates.
Although the ongoing SEC case resulted in uncertainty regarding the prospects of XRP, the whales are potentially betting on the asset for the long term.Ā
The low prices are potentially driving the need for accumulation, but itās worth noting that if the whales continue amassing XRP with the target of long-term investment, the move could result in a supply squeeze.Ā
XRP price analysis
With the general cryptocurrency market lacking generalĀ bullishĀ momentum, XRP has lost keyĀ supportĀ levels to trade at $0.34 by press time, with losses of about 0.3% in the last 24 hours. The weekly chart indicates that the token has plunged by almost 14%.
Before the latest correction, XRP targeted the $0.50 position after testing the $0.40 level following the general market relief rally induced by the positive macroeconomic elements; it has formed resistance at $0.35.
At the current price, XRP has a support level of $0.33, and breaching the position could open the door to a slump to $0.31.Ā
The implication of the SEC case on XRP
Although XRP has traded in tandem with the general market, the assetās main fundamental driver remains the SEC case. Notably, both parties are awaiting the conclusion after making final submissions.
Interestingly, the crypto community has predicted victory for Ripple, butĀ legal experts maintainĀ that the case could go either way. The enthusiasm for Rippleās victory emerged from the companyās minor wins during the hearings.Ā
It is worth noting that with the caseās conclusion delayed, XRP has replicated general market sentiments that remainĀ bearish.Ā
As the crypto community awaits the final ruling, the case recorded the latest development with Rodrigo Seira, an attorneyĀ filing a motionĀ requesting to appear asĀ pro hac viceĀ (an attorney counsel from another jurisdiction) on behalf of the crypto-focusedĀ investmentĀ firm Paradigm Operations LP.
