XRP has been on the front lines of crypto news for the past couple of weeks as Ripple’s lawsuit with the Securities and Exchange Commission (SEC) heats up. The increased attention has translated to more market movement, and whales are looking to take advantage of this.
Whales Move Into XRP
XRP’s trading volume saw a spike on Tuesday following the upward rally in the crypto market. This saw an increase in the price of the digital asset but perhaps most important for the day was the fact that Binance Smart Chain whales were actually more interested in the coin.
Whale tracking website WhaleStats reported that XRP had become the most traded token among the top 100 BSC whales for the day. It dethroned AAVE which had previously dominated the attention of these large whales to achieve this feat.
Check the top 100 whales here: https://t.co/0SYnjw0xQs
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 10, 2023
Now, the increased interest from these whales has not died down yet because while XRP is not currently the most traded token, it is still a top 10 token for them. It features in the fourth spot of most purchased tokens for the largest BSC whales.
Additionally, the XRP smart contract is one of the top 10 most used smart contracts among the top 100 BSC whales.
Price sitting at $0.37 | Source: XRPUSD on TradingView.com
Jumping In Front Of Crypto Market Gains
There are still residual market gains from the Monday price surge in the crypto market and XRP is one of the tokens soaking up the gains. It is currently one of the top gainers over the last 24 hours, placing third on the Coinmarketcap list of gainers with a 4.34% increase in the last day.
XRP in the top five gainers | Source: Coinmarketcap
This increase in price has now pushed the price of XRP above its 20-day moving average. The breakpoints to a short-term bull trend for the digital asset, at least for the week. The most important now is for the digital asset to break the resistance at $0.037, as this will propel it above its 50-day moving average of $0.379. Once this is achieved, then a rally above $0.4 will be locked in for the cryptocurrency.
An event that could likely prove volatile for the XRP price is another hearing set for January 19 in the Ripple v. SEC case. Both parties involved are required to file any objections to the non-parties’ motions by January 18.
As for the final verdict for the case, Ripple CEO Brad Garlinghouse and lawyer Stuart Alderoty both expect a decision from Judge Analisa Torres sometime in the second quarter of 2023.