- Whales showed more interest in XRP as network growth slowed.
- Ripple began its expansion plans by acquiring a European crypto exchange.
The ongoing Ripple vs SEC case has had a huge impact on both the crypto sector and Ripple’s [XRP] price. However, as the case draws closer to the end, many whales have expressed their interest in XRP.
Realistic or not, here is the market cap of XRP in terms of BTC
Whales make more than a wrinkle
According to data from Santiment, it was revealed that whales have made significant XRP purchases in the past three weeks amounting to more than 52 million XRP. These acquisitions have an estimated value of $22.9 million.
Source: Sentiment
However, despite the great interest from whales, the price of XRP has not undergone a huge positive change.
Since April 19, there has been a remarkable 11.89% drop in the price of XRP. At the time of writing, XRP was trading at USD 0.474.
XRP’s RSI had risen to 63.08, showing that price momentum has been on the side of XRP over the past few days. However, it also indicated that it was in a slightly overbought position at the time of writing, with a possibility of a price reversal.
XRP’s CMF also fell, suggesting that buying pressure for the token had eased.
Source: Trade View
Looking at the details
Another factor that could affect XRP is declining network growth – an indicator that there was less activity from new addresses. Despite the falling price and network growth, the speed of the token remained consistent.
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During this period, development activity around the network also declined, implying developers weren’t contributing as much to XRP’s GitHub.
Source: Sentiment
However, Ripple’s plans to expand internationally may help XRP in the long run. In a recent announcement, Ripple mention that it had taken over the European exchange Bitstamp. The CEO of Ripple further confirmed that Ripple would expand into crypto-friendly markets through acquisitions in the future.
