According to some sources, a crypto market intelligence platform, there has been less whale activity on the XRP Ledger (XRPL) in 2023 than there was in the previous two years. Whales and sharks have continued to stockpile more XRP despite the drop in activity. A total of 26.8% of the 53.39 billion XRP in circulation are now held by wallets holding between 100,000 and 100 million XRP, up from $7.16 billion a year ago. A weekly average of 3,800 whale transactions totaling $100,000 or more are recorded on the XRP Ledger.
With the values of assets like bitcoin (BTC), XRP, and ether (ETH) reaching new highs, Forbes predicts that a U.S. economic slowdown could be advantageous for the cryptocurrency industry. Santiment’s disclosures coincide with this prediction. The debate over the US debt ceiling and the Federal Reserve’s massive fiat printing programme, according to Forbes, are just two of the factors that could cause the US currency to collapse. While things are chaotic, XRP could continue on its recent upward trajectory and reach new highs. After Ripple Labs’ first court victory over the U.S. Securities and Exchange Commission (SEC) in July, the price of XRP increased by around 70% and nearly reached $1. Since then, the asset’s volatility has increased as a result of regular events related to Ripple’s legal dispute with the SEC.
The judicial proceedings between the agency and the blockchain company will last through the second quarter of 2024, and they will have an impact on the price of XRP and activity on the XRPL.