The XRP cryptocurrency market seems to be stabilizing following a period of volatility. On Thursday, Whale Alert reported a significant movement of 54.7 million XRP to Bitso and Bitstamp from unknown wallets. This comes amidst a continuous price drop to $0.478, marking the sixth consecutive day of losses.
This downturn in price and reversal of gains followed rulings against the Securities and Exchange Commission (SEC) by Judge Torres on July 13, 2023. The rulings had initially caused XRP's price to double and established it as the fifth-largest cryptocurrency.
Despite this recent turbulence, there is evidence that the XRP market is stabilizing. Despite reduced activity from large holders, or "whales," on the XRP Ledger, wallets holding between 100,000 and 100 million XRP still own 26.8% of the supply. These wallets participate in an average of 400 large transactions weekly, each over $100,000.
Furthermore, the total value held in these wallets has increased to $7.89 billion from $7.16 billion last year. This increase brings the XRP market back to the same level it was before Judge Torres' judgment in July.
Overall, while recent events have caused some fluctuations in the XRP market, it appears to be returning to a state of stability. The continued presence of large holders and an increase in the total value held suggest that confidence in this cryptocurrency remains strong despite short-term price drops.
