- After a Bitcoin-led rally that affected the entire crypto market and whales showed their commitment, XRP has stabilized at $0.64.
- The SEC vs. Ripple case is nearing its deadlines, and the decisions that are expected will dictate the direction of the price.
XRP has consistently been one of best performing cryptocurrencies. Over the past seven days, XRP has gained more than 10%After suffering a minor correction, the price is now above $0.6. It is important for holders to maintain this psychological position. The altcoin, which has remained above the fray as the SEC/Ripple case nears its end date, has displayed great resilience.
On-chain data shows that institutions and whales have been steadily accumulating altcoins, while retail traders remain divided. Retail traders are taking profits while institutional investors and large whales (who make up the whales) have added to their stash. XRP’s price has risen to $0.6685 in the last few days. This is near $0.70 and a 2-year high.
Since the 1st of March, large investors have been buying XRP in bulk. They each hold more than 1 billion XRP. While smaller holders of between 10 million XRP and 1 billion have sold their tokens, it’s possible they’re trying to take profits. This suggests that institutional investors are the primary drivers of the recent XRP increase.
After a recent price drop, XRP currently trades at $0.60. Drop 6% In the last 24 hour. The altcoin has lost a large part of its gains for the week. This price trend is consistent with the overall market trend dictated largely by Bitcoin (BTC).
There has also been some chatter regarding the XRP exchange traded fund. The community is expecting an XRP ETF after the approval of the spot Bitcoin ETF and the possible approval of the ETH spot ETF. next In line. XRP, according to experts, is the only cryptocurrency that has legal status. This makes it a great investment for institutional investors.
It is clear, however, that the U.S. SEC will not approve an ETF as long as there is a case pending to determine if XRP institutional whales are securities. The SEC may have suffered minor losses in the Ripple lawsuit, but it still has a chance to win.
On March 22, the legal battle between Ripple and the SEC reaches an important milestone, when the SEC must submit its opening brief. The SEC had earlier requested a delay in the timeline.
Investors are closely watching the XRPLedger token, as it grows in utility. Brad Garlinghouse, the CEO of Ripple, has recently stressed The importance of utility when determining the value of a cryptocurrency, with a focus on real-world problems and a customer base already in place.
One crypto expert also speculates that the token could be a global reserve currency if the IMF and the Bank for International Settlements had acquired the escrowed version of XRP many years ago.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: www.crypto-news-flash.com