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Crypto whales are accumulating XRP after a recent price increase

Crypto whales

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Ripple’s native cryptocurrency, XRP, experienced a massive price increase last week, between September 16th and 24th. During this time, the token increased by 52%, from $0.32 to $0.49. Such performance put it on the radar of crypto whales, who began hoarding XRP reserves after the token began to outperform even Bitcoin itself.

XRP price rises amid rumors of SEC plan to drop lawsuit

Investigating the new phenomenon, the cryptoanalytics company Santiment found that XRP has an even stronger upward trajectory than Bitcoin. The XRP/BTC trading pair has reached a price it has not seen since September of last year, which is quite impressive considering that the bear market seems to be still in full force.

Santiment added that there are several possible factors contributing to the rise, but the main one is the hope that the US SEC lawsuit against Ripple and its executives could be settled soon. The lawsuit was originally filed in December 2020 when the SEC accused Ripple of selling an unregistered security and its executives, including acting CEO Brad Garlinghouse, of using illegal means to make a profit.

The lawsuit has ended up costing Ripple many major partnerships, but the company found a new market in the East, where regulators revealed they don’t consider it safe.

Now many believe that the SEC is giving up on Ripple and that the company will probably only have to pay a fine. If this happens, the price of XRP is expected to skyrocket, which is why many are already hoarding it and increasing its value due to increased demand.

Demand for XRP and USDT is increasing

At the time of writing, the XRP price is down slightly to $0.47 after hitting $0.51 earlier today. Santiment said the token has gained 20% in the past 24 hours and more than 55% in the past seven days.

Santiment also addressed the broader market, noting that Tether whales have also started to increase their digital assets quite significantly since this year’s downturn. Crypto is still very volatile for now, and stocks are expected to continue to see interest rate hikes.

As a result, purchasing power is slowly but surely increasing among the larger USDT addresses. This primarily includes addresses with between $100,000 and $10 million in USDT, which just added 4.03% to their addresses.

In other words, Ripple isn’t the only digital asset that investors and traders are chasing heavily right now, and hopefully this is a signal of a broader cryptocurrency revival.

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