- Ripple’s XRP token has seen more volatility in October after SEC Lawsuits
- Despite legal battles, cryptocurrency whales are accumulating XRP, signaling potential confidence in future rulings.
- XRP has stabilized on daily charts, trading at $0.53 with increased trading volume, showing resilience and potential for future gains.
Ripple’s XRP token has become one of the most interesting assets in October – in regards to performance and its effect by external events. Recently, the blockchain-based digital payment network found itself once again entangled in several legal scuffles with the SEC – which caused its native currency to become a lot more volatile.
However, despite the chart indicating that selling pressure is outperforming buyers – cryptocurrency whales are capitalizing on this movement by accumulating more $XRP despite the recent dip.
An insight from Santiment reveals that the number of wallets holding more than 1 million XRP rose by 0.49% over the past week. During that period whales accumulated over $26 million in XRP – which could imply confidence in future rulings against the Securities and Exchange Commission.
Last week featured several new developments regarding XRP and the possibility of it being ruled a security asset by the SEC. On October 10, crypto exchange Bitnomial sued the commission after it barred it from applying to list XRP futures with the Commodity Futures Trading Commission (CFTC).
The news regarding Ripple being once again at the SEC’s crosshair was not seen well by the market. On September 29, $XRP went crashing downwards going from $0.64 to $0.51 a couple of days later – a loss of over 20% in value.
However, this recent whale activity could signal hope for future profits as the coin can be interpreted by some as “undervalued”.
XRP Performing Better on Daily Charts
The asset appears to have stabilized despite more news emerging regarding the SEC. Currently trading at $0.53 according to CoinMarketCap, XRP is on a 1% increase over the past 24 hours. Trading volume also grew exponentially over the past day with a 51.36% growth – indicating massage buying pressure on October 14.
This sustained interest and activity suggest that despite regulatory challenges, Ripple’s XRP continues to be a focal point in the cryptocurrency market, demonstrating resilience and potential for future gains.
