XRP whales making significant moves, how will it affect XRP?

In late September and early October, XRP was one of the top leaders, momentarily separating from the rest of the markets. After the FTX scandal, prices dropped and the market was flat, but Santiment saw an intriguing pattern for XRP.

In recent weeks, XRP whale addresses owning 100,000 to 10,000,000 XRP started to quickly grow their holdings, increasing their total supply from 16.7% to 18.3% in just five weeks. 

As long as there is hope with the Ripple-SEC lawsuit providing clarity to the cryptocurrency market, XRP will likely remain prominent. XRP  has seen several price spikes as a result of hope in the Ripple-SEC lawsuit in recent months. In November, there was a temporary increase in the price of XRP due to rumors that the lawsuit will be resolved.

The rising social dominance of XRP might also increase the odds for a price spike in XRP, showcasing its boldness furthermore. XRP is trading at $0.3939 at the time of writing, up 2.18% over the previous 24 hours.

The XRP lawsuit case is still open though all of the filings for summary judgment motions have been finished, which concerns many. The parties have asked that the court set a deadline of January 4, 2023, by which non-parties (neither the SEC nor Ripple) must be certain of the papers used in the sealed summary judgment.

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Taking into consideration the wider picture, we see that the company's most recent news is not generally well received by all investors.The trading volume for Ripple (XRP) decreased to $83 million from $162 million, suggesting that investors have lost their appeal.