Recent price increases for XRP have been driven by the activity of large investors, leading to positive forecasts for the future.
Ripple Whale Behavior
Today, the price of XRP stands at $2.17, with this rise attributable to changes in whale behavior. Data from CryptoQuant indicates that the 90-day moving average of whale flows for XRP turned positive in early May. The last time this metric turned green, XRP surged by 420% in just a month.
Confidence Among Large Investors in XRP
The number of wallets holding more than 1 million XRP has reached a record high of 2,850. Meanwhile, wallets holding over 10,000 XRP have increased by 6.2% since the year began, totaling 306,000. This rise highlights growing long-term investor confidence in the cryptocurrency.
Conclusion of the Ripple vs. SEC Case
After lengthy proceedings, the Ripple vs. SEC case appears to be nearing conclusion. CEO Brad Garlinghouse stated that Ripple would drop its cross-appeal, prompting positive market reactions. The anticipation of XRP ETF approval further adds confidence among investors.
Thus, demand for XRP and the activity of large investors signal a potential increase in the future, especially as legal proceedings draw to a close.
