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XRP's Ripple-backed cryptocurrency has experienced significant price fluctuations over the past week, fueled by long-running legal battles. On-chain data trends offer some insights into the main bearish catalysts and future reactions of XRP prices.
Whale Investors Reduced Assets to 30-Day Low After SEC Fine
On March 25, Ripple CEO Brad Garlinghouse announced that the SEC was seeking a $1.95 billion penalty against Ripple. This request comes after the SEC acknowledged allegations that accused Ripple of illegally selling its XRP Coin to institutional investors.
The SEC formally filed the motion in U.S. District Court on Friday, plunging the XRP community into speculation and trying to highlight the impact of potential fines on traders.
Ripple CEO stated that the company is in a position to pay the penalty. However, looking at on-chain data showing that whale investors and institutional entities do not share this optimism, it appears that large whale investors holding at least 1 million XRP are rapidly reducing their holdings.
After the SEC officially submitted its $2 billion penalty request on Friday, March 29, XRP whale investors immediately began selling, reducing their holdings to the lowest level in the last 30 days. This caused the XRP price to drop 13%.
Considered at current prices, the 290 million XRP coins recently sold are worth approximately $170 million. These big sales are likely to put pressure on prices. XRP price has been in a downward trend since whales started selling.
Strategic retail swing traders may want to go against deep-pocketed whales with over 44.9 billion XRP assets. If retail traders with small holdings also take a bearish position, the XRP price may have difficulty recovering in the coming days.
XRP Speculative Traders Worried About Downtrend
Recent trends in derivatives markets show that speculative bullish traders are showing low optimism in the short-term price expectations of XRP. Coinglass's funding rate metric reflects this low optimism, with percentage fees paid between long traders and short position holders in the perpetual futures markets.
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