XRP Whales Accumulate Massive Tokens – Is A Bull Run Coming?

The XRP price dipped in 2022 during the crypto winter, and the back-and-forth legal exchange between Ripple Labs and the U.S. Securities and Exchange Commission has not helped matters. However, the token is still attracting interest from whales and institutional investors.

Timeline of Xrp

A handful of cryptocurrency industry players who took part in workshops at the World Economic Forum Annual Meeting paint a picture of increased collaboration within the space in 2023.

The XRP price has risen by 1% in the past 24 hours, reaching $0.412239 as the wider cryptocurrency market enjoys a nearly 2% gain within the same timeframe. Its current price means that it has risen by 8% in a week and by 12% in the last 30 days, as the altcoin begins to break out of a longer term decline it had suffered since the end of October.

Although the XRP Ledger (XRP) is an open-source, public, and decentralized layer 1 blockchain run by a global community of developers, there has been a history of criticism for perceived centralization; the most high-profile case being the U.S. Securities and Exchange Commission accusing Ripple Labs of issuing an unregistered security.

The legal battle between Ripple and the Securities and Exchange Commission (SEC) has entered a crucial stage as both parties await the final judgment date, which remains uncertain.

U.S. Securities and Exchange Commission (SEC) is on the radar of digital asset industry leaders over its alleged regulatory overreach. An Amicus Curiae in the XRP lawsuit has claimed that the SEC lawyers are threatening to bankrupt an American entrepreneur before filing a lawsuit against them.

The total market capitalization of the $XRP token has grown by over $1 billion in only 24 hours, at a time in which investors' interest in the cryptocurrency space has been surging and prices have risen significantly. According to TradingView data, $XRP's market capitalization moved from over $20 billion to over $21.

Ripple is aiming for higher price levels as the market experienced another uptrend over the previous week. The trend's momentum looks promising, yet the price must first surpass the crucial resistance level of $0.43.

In its predictions for 2023, the Ripple leadership team highlighted Central Bank Digital Currencies (CBDCs) as one of the biggest trends, as Bitcoinist reported. To drive this agenda, Ripple continues to actively work with the private and public sectors.

From engaging in the most scandalous lawsuit with the SEC to starting a war with Ethereum, the year 2022 has been weirdly eventful for the XRP. Even though many predict Ripple will win the case, nobody knows when the whole saga will end.

Ripple's investors are currently in confusion if XRP will ever be able to break its multi-year bearish trend as the altcoin makes noticeable price fluctuations with higher highs and lows.