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šŸ’„XRP demand booms among crypto whales as accumulation hits an all-time highšŸ’„
December 21, 2022
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XRPĀ whalesĀ continue to take advantage of the asset’s recent price correction to accumulate more tokens. Indeed, XRP’s price correction follows the generalĀ crypto marketĀ plunge alongside the token’s 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 it’s 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 asset’s 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 Ripple’s victory emerged from the company’s minor wins during the hearings.Ā 

It is worth noting that with the case’s 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.

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

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While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) or visit https://www.paypal.me/thedinarian

šŸ”— Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

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