Ripple whales have maintained their swifty moves as price action continues to suffer, but where will the whales lead price this time?
supporters, whales, holders and crypto investors await the summary judgment in the XRP lawsuit, XRP price continues to surprise market participants.
Recently, Attorney Jeremy Hogan, dropped some good news for the Ripple community claiming that the U.S. Securities and Exchange Commission (SEC) motion for summary judgment might not be approved for several reasons.
Why the SEC cannot meet its burden on (at least) one element of the Howey test.
In order to win at Summary Judgment, the SEC has to do two things:
1. Prove every element by the greater weight of the evidence AND
2. Prove that there is no genuine dispute of a material fact. 1/ https://t.co/CzCFzCSahE
— Jeremy Hogan (@attorneyjeremy1) November 6, 2022
Despite Hogan’s positive affirmations, XRP price failed to react much to the social anticipation. Ripple whales, however, have been on the move lately, but this time it could lead to some bearishness for XRP price.
What Are Ripple Whales up To?
At the time of writing, XRP price traded at $0.4739, declining by 3.22% on the daily window. From a price perspective, XRP seemed to be under the larger bearish influence of the crypto market.
Ripple whales made some significant deposits from wallets to exchanges on Nov. 7. Several alerts from Whale Alert show that coins worth over $190 million were sent by whales from wallets to various exchanges or from to wallet.
first transaction, of around 29 million XRP worth $13.52 million, was a transfer from an unknown wallet to Bitstamp. In the next one hour another transfer from an unknown wallet to FTX of 35 million XRP worth $16.55 million was made.
A third transaction of $16.63 million was made soon after.
?? 35,774,039 (16,631,186 USD) transferred from unknown wallet to https://t.co/KUZXGrwsDa
— Whale Alert (@whale_alert) November 7, 2022
This was followed by another transfer worth $16.50 million.
?? 35,000,000 (16,500,007 USD) transferred from unknown wallet to #Bitstamphttps://t.co/R6aVuFKM1j
— Whale Alert (@whale_alert) November 7, 2022
The most recent transaction was a staggering 310,365,004 coins worth $147 million transferred from unknown wallet to unknown wallet.
?? ?? ?? ?? ?? ?? ?? ?? ?? ?? 310,365,004 (147,325,604 USD) transferred from unknown wallet to unknown wallethttps://t.co/p4vrj5p4jP
— Whale Alert (@whale_alert) November 7, 2022
A larger amount worth over $190 million has been moved in the last 8-10 hours from the time of writing. Ripple whales may have sent XRP on exchanges to take profit in case price drops further.
Usually, sell-offs from whales cause a considerable stir in the market leading to bearish outcomes for price.
However, the whale movement could also be an attempt by participants to create a wave in the market and pump short-term price action.
Will XRP Price Continue to Suffer?
Over the weekend, price made a multi-weekly high of $0.51, but price action lost momentum quickly. At press time, XRP price continued to battle the key support/resistance level at the $0.47 mark.
While XRP active address still held above average, they had dropped by 30% in the last one day.
Furthermore, XRP velocity trended lower, which meant that the coin was not being used much for transactions within the set time frame.
In addition to that, Price DAA divergence had started to present a sell-signal.
From an on-chain perspective XRP price could be preparing for some bearishness. It was evident that the coin had moved in a range bound momentum between the $0.47 and $0.45 mark, which would act as key support zones going forward.
If bears stay in control of XRP price action the coin can see a retest of the lower $0.45 price level.
However, in case of a bullish breakout, price could revisit the short-term top at the $0.51 mark.
