- XRP liquidity fell on DEXes despite the token’s resistance to the SEC’s attack.
- Both shopkeepers and whales have increased their balances.
of ripple [XRP] volume on decentralized exchanges (DEXs) fell to $33,300 after rising significantly on June 4. On the aforementioned date, the metric increased up to $440,000. This is the highest since the $2 million mark in May.
Realistic or not, here is the market cap of XRP in BTC terms
Nothing lasts forever
The increase implied that the liquidity associated with XRP on platforms where the token was traded was disappearing. Nevertheless, XRP has enjoyed a long period of revival, disconnected from that of Bitcoin [BTC] trend since the community expressed confidence in winning the case with the SEC.
While the ongoing lawsuit between Ripple and the SEC has created uncertainty around XRP’s classification as a security, it was surprising that the token did not come forward when the regulator sued Binance and Coinbase. And as a result, the token continued to trade hands above $0.5.
Source: Sentiment
As a result of the positive outlook, the token gained more adoption. At the time of going to press, the number of addresses increased by 100 to 10,000 tokens. The same was the case with the number of holders with 10,000 to 1,000,000 tokens.
This suggests that the demand for the token has increased. However, it was not the same situation with the largest cohort of whales. According to Santiment, this group has not increased in numbers since late May.
Source: Sentiment
When it comes to the balance on existing addresses, on-chain data showed that both retail and whales followed a similar path.
Build confidence for judgment
In addition, Santiment revealed that the 90-day dormant circulation topped out on June 1. Although the benchmark has now dropped, the 1.31 billion increases on said date caused many long-term holders to participate in trades.
While it was not certain why the assets were being moved, speculation circulated as to how it might involve moving assets for protection. In other circumstances, the owners of the affected portfolios might have the motive to take profits.
Is your wallet green? Check the Ripple Profit Calculator
According to the Market Value to Realized Value (MVRV) ratio, press time data showed it to be 1.487%. The statistic is responsible for displaying the average profit/loss of all tokens in circulation. Therefore, the positive value implies that a significant amount of XRP was in circulation.
Source: Sentiment
Meanwhile, resolution of the lawsuit and clarity on XRP’s legal status could pave the way for a resurgence in DEX volume and overall market activity for XRP. But in the meantime there was still no guarantee.
