Although there have been slight changes in the cryptocurrency market today, XRP has stood out as the asset with the strongest performance over the past 24 hours. However, it doesn’t appear that any XRP-specific news or developments are driving the valuation.
Uncertainty and skepticism continue to surround the cryptocurrency markets. The industry is still plagued by the disasters of 2022. Furthermore, worries about strict regulatory control continue to loom. The present performance of XRP may be influenced by the likelihood that Ripple will win the SEC vs. Ripple litigation. However, the current Ripple case probably won’t be resolved until Q2 2023.
In 2023, Ripple will also vigorously develop other products and services. Community members have placed a strong emphasis on innovations and utility. The company now offers more than it did when it first started. Additionally, activity on RippleNet and ODL (on-demand liquidity) has increased.
Read article: Why Is The XRP Price So Low? Explained by Ripple’s CTO
The XRP Whales Are on The Move
“sanr king,” a member of the Santiment community, noted that XRP whales are actively accumulating spree. Over the past six months, the group of investors who own between 1 million and 10 million XRP has increased their holdings by 25%. 4.09 billion tokens are now in the overall possession. At market bottoms, this level of accumulation is typically seen. As a result, these whales frequently impact the price of XRP.
According to the Weighted Sentiment indicator, the sentiment about XRP has been unfavorable during the previous two months. Although, the cost of the token hasn’t changed. This could mean that the vendors are “exhausted.” Less vendors are eager to sell at the going rate. In certain situations, an asset’s price may occasionally defy ordinary traders’ expectations and increase even during a bear market.
As of the time of publication, XRP was trading at $0.3439, down by negative 0.78% in the last hour.