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- XRP is enjoying stability at $0.64, after a rally led by Bitcoin that swept the entire crypto market, with whales showing their commitment.
- Key deadlines in the SEC vs. Ripple lawsuit are nearing, with decisions expected to dictate the trend that the prices take.
XRP has been one of the best-performing cryptocurrencies on the market. In the past 7 days, the altcoin has gained more than 10%, leaving it trading above $0.6 after suffering a correction. This remains a critical psychological position for holders. Staying above this, the altcoin has shown great resilience as the SEC vs. Ripple lawsuit nears its deadline.
On-chain data reveals that while retail traders are divided, whales and institutions have been accumulating the altcoin. Large whales, who make up the whales, and institutional investors have consistently added to their stash, while retail traders have been taking profit. In the past few days, XRP has rallied to $0.6685, nearing $0.70, a two-year high.
Large investors, holding over 1 billion XRP each, have been accumulating the token since March 1st. Meanwhile, smaller holders, with between 10 million and 1 billion XRP, have been selling, suggesting they’re taking profits. This points towards institutional buying being the main driver behind the recent XRP price increase, rather than retail investor activity.
At the time of writing, XRP is trading at $0.60 after a 6% drop in the last 24 hours. This has seen the altcoin wipe out much of its weekly gains. This price trend is in line with the wider market trend dictated by Bitcoin (BTC).
Adding to the intrigue, there has been chatter about the XRP ETF. With the approval of a spot Bitcoin ETF, and the filing and possible approval of an ETH spot ETF, the community expects an XRP spot ETF to be next in line. Experts have pointed out that XRP is the only cryptocurrency with legal status, making it an ideal investment choice for institutional investors.
However, it remains clear that the U.S. SEC is unlikely to approve an ETF while there is still an ongoing case to determine whether XRP institutional whales can be classified as securities. While the SEC has been witnessing minor losses against Ripple, the regulator still stands a chance at winning the lawsuit.
The legal battle between the SEC and Ripple reaches a key milestone on March 22nd, as the SEC is due to submit its opening brief. This follows the SEC’s earlier request to delay the case timeline.
In addition to the possibility of an ETF legal case, investors are watching the rising utility of XRPLedger’s native token. Ripple CEO Brad Garlinghouse has stressed the importance of utility in determining a cryptocurrency’s value, focusing on real-world problem-solving and an existing customer base.
Furthermore, one crypto expert speculates that if institutions like the IMF or the Bank for International Settlements acquired the escrowed XRP years ago, the token would be viable for global reserve currency status.
