Crypto Community Predicts $XRP Price Increase as Whale Holdings Surge


The cryptocurrency community predicts that the price of $XRP will rise in the near future to end January near the $0.40 mark, which would mean that the price of the cryptocurrency would rise 14.3% from its current level of $0.346.

Figures come from CoinMarketCap price estimation feature, in which more than 1,300 users predicted the price of the cryptocurrency for the end of the month. Looking to February, the cryptocurrency community expects XRP to trade at $0.399, around 15.35% higher than current levels.

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Source: CoinMarketCap

The $XRP price has fallen noticeably from the $0.39 mark over the past 30 days amid a broader cryptocurrency market correction that saw other major cryptocurrencies lose some of their value. Total market capitalization has shrunk by more than $50 billion over the same period.

As CryptoGlobe reported, whale addresses in the $XRP ledger, containing between 100,000 and 10 million tokens (between $34,000 and $3.4 million) have they increased their possessions rapidly in the last five weeks, going from 16.7% of the cryptocurrency supply to 18.3%.

XRP whales began adding to their holdings in late September and early October, when the price of the cryptocurrency began to rise as both the US Securities and Exchange Commission (SEC) and Ripple Labs began looking to put End your legal battle.

The SEC sued Ripple and two of its executives in 2020, alleging that they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies that XRP is a security.

Earlier this year, Ripple CEO Brad Garlinghouse signaled that he believed the company would prevail in its legal battle against the regulator. In recent weeks, several influential cryptocurrency firms, including Coinbase and the Blockchain Association, have come forward to support Ripple.

In a recent response in support of a motion for summary judgment, Ripple’s lawyers argued that the regulator has could not show that any offer or sale of XRP was an investment contract under federal securities laws.

Ripple’s lawyers added that even for transactions “that involved an exchange of money,” the SEC was unable to “show that the buyers invested that money in a common enterprise” rather than “simply buying an asset,” as the test requires. Howey’s.

Ripple settling the lawsuit could lead to an XRP supply shock, which would presumably lead to higher prices as demand would stay the same, while supply would plummet. That’s according to legal expert and XRP supporter Jeremy Hogan, who has been following the case.

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