Last week, allegations that Elon Musk’s company SpaceX was selling Bitcoin and altcoins had a negative impact on the crypto money market. Bitcoin (BTC), which has been dormant for a long time, took the breath at $ 26 thousand, while Ripple (XRP) suffered larger losses. After the decision of Judge Analisa Torres in the SEC case, it turned out that the rise was not permanent even though the altcoin price approached $ 1.
While XRP stalled after the judge’s decision planted giant bullish candles, the SEC’s appeal over the SpaceX news added to the selling pressure. Ripple has lost 13.94% last week.
Ripple Accumulates Whales!
On-chain tracking platform Santiment has detected that whales are buying despite the drop in altcoin price. According to Santiment’s share, the number of wallets holding more than 10 million XRP has been increasing in recent days.
🐳 #XRPNetwork is starting to see some mild recovery signs, and today's +4% price rise appears to be supported some of the asset's largest whales. There are 221 addresses holding between 10M-1B $XRP. They now hold a combined 16.13B tokens worth $8.71B. https://t.co/vyy0WwRtFq pic.twitter.com/4wMLQxMlIA
— Santiment (@santimentfeed) August 20, 2023
A total of 16.13 billion Ripples are in the hands of 221 different altcoin wallets with the mentioned amount. According to market data, this figure is worth $8.71 billion.
XRP Price
Ripple’s local altcoin started the new week on a negative note. Bitcoin and most major altcoins have lost 1-2%, while XRP is down 3.05%.
A new rally is unlikely unless the leading cryptocurrency persists above the $0.565 resistance.
