Journalist
Posted:
- Whales started showing interest in XRP.
- The price continued to decline, but new collaborations could positively impact the token.
Ripple [XRP] has had huge ups and downs in recent years due to the lawsuit against the SEC. However, as things cooled on the litigious front, uncertainty surrounding the token’s price remained.
Whales come in
Over the past week, major Ripple investors have made notable moves. They purchased approximately 11 million XRP, worth approximately $6.82 million at the time of writing. This indicated significant activity among the large farmers.
The acquisition is a reflection of the ongoing dynamics within the market, with these major owners strategically positioning themselves. The purchase also suggested an increase in capital flowing into XRP.
#Ripple | Data about the chain shows this #XRP whales bought about 11 million $XRP in the past week, worth approximately $6.82 million! pic.twitter.com/VnWpaMoOYR
— Ali (@ali_charts) November 25, 2023
In addition to the interest in whales, the litigious crypto landscape could also have an impact on XRP.
The legal POV
On November 26, Ripple attorney John E. Deaton criticized Senator Elizabeth Warren for failing to provide relief to more than 300 investors in Massachusetts.
Deaton further alleged that Warren violated her oath by providing SEC Chairman Gensler with questions and recommended answers instead of supporting investors.
She sits on the Senate Banking Committee, but refused to help more than 300 individual investors in Massachusetts who asked her for help. She refused to even write a letter to the @SECGov on behalf of these investors. Instead of signing the letter to the SEC,… https://t.co/0utg82L5k2
— John E. Deaton (@JohnEDeaton1) November 26, 2023
The crypto community responded to increasing regulatory threats as the CFTC warned of increased scrutiny, in line with SEC and DoJ actions. To that extent, the outcomes of the Ripple, Kraken, and Coinbase cases could shape U.S. crypto regulation.
Key dates, such as Coinbase’s January 17, 2024 motion hearing and Ripple’s penalty decision, could impact the crypto market and influence legislative responses to SEC actions.
Judge Failla’s rulings could impact the SEC’s regulatory approach, including potential appeals in the XRP Programmatic Sales case.
State of XRP
At the time of writing, XRP was trading at $0.6083, down 2.08% in the last 24 hours. The volume on which XRP traded had also decreased. However, things may improve for XRP in the future. However, new updates could improve market sentiment.
Source: Santiment
Is your portfolio green? look at the XRP Profit Calculator
Recently, Metaco, acquired by Ripple, partnered with HSBC, sparking optimism among XRP enthusiasts. For the uninitiated, the “XRP Army” sees HSBC’s choice as a signal for the adoption of XRPL and XRP tokens.
Loyalty to a cryptocurrency often leads to optimistic assumptions. However, Metaco’s CEO noted that ongoing courtship efforts could take as long as 18 months, calling into question simplistic narratives.
