- Assessing the impact of the latest judicial ruling on XRP investor sentiment.
- XRP supply distribution reveals the current state of XRP accumulation and distribution.
This week has been quite the rollercoaster for the crypto market and especially for Ripple [XRP]. It is thus important to recap and assess the state of Ripple and XRP as the week approaches its conclusion.
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XRP’s crash especially during the trading session on 17 August was due to an announcement that the court will allow the SEC to appeal a previous ruling. The market reacted to this news by dumping XRP because revisiting the legal battle means there is a chance the ruling might change against Ripple.
JUST IN: Judge Torres has APPROVED the @SECGov‘s appeal to file an interlocutory appeal in the #Ripple case. pic.twitter.com/rYRx0XL78e
— WhaleWire (@WhaleWire) August 17, 2023
Perhaps even more noteworthy was that the consequent reaction pushed the bears out of their recess. XRP previously gave up gains achieved when the judge initially ruled in Ripple’s favor.
The market reacted accordingly with a massive demand surge. Now the latest news has extended the downside. Thus, XRP has now given up gains from the previous rally in July. Let’s take a look at how XRP faired in the last seven days.
According to CoinMarketCap, its market cap peaked as high as $33.62 billion at the start of the week. It dropped as low as 25.7 billion in the last 24 hours. This means its marketcap fell by over $7 billion in the last seven days.
Source: Coinmarketcap
Will XRP register a strong bounce back or should investors will it be a slow recovery?
Perhaps the answer to the above question can be derived by looking at XRP’s historic performance. Most investors steered clear of XRP because of the uncertainty around the SEC vs. Ripple legal battle. However, the July ruling triggered a wave of demand.
This new outcome (the SEC being given the green light to appeal) means legal proceedings could extend for months. This is a time that could take away from XRP’s potential because investors might opt to wait for more clarity as they did before.
How many are 1,10,100 XRPs worth today
Usually, when a sharp crash happens, there is bound to be some accumulation at the lower range. This is because some traders rush to buy at discounted prices. The good news is that some whales are buying the dip.
Addresses holding between 100 million and 1 billion XRP coins (green) have been taking advantage of the lower prices by accumulating. This category of whales controls roughly 18% of the circulating supply.
Source: Santiment
On the other hand, addresses holding over 1 billion XRP (denoted in red) contributed to sell pressure in the last 24 hours. This is noteworthy because this category holds the largest share of XRP’s circulating supply at roughly 41%.
This means this category has the largest impact on price. Traders should keep an eye out for changes in the aforementioned category of whales because they will determine XRP’s price direction.
