The XRP market continues consolidating in a wedge formation with a horizontal base since hitting 2022’s rock bottom in June. With the bulls unable to convert the multi-week resistance trendline to a support level, a possible price correction is looming in the coming weeks.
Moreover, the SEC seems to be gaining ground over crypto regulations after charging Kraken with selling unregistered securities through its staking services. According to SEC Chair Gary Gensler, everything else apart from Bitcoin has the characteristics of securities and needs to be registered under financial security law.
“Everything other than bitcoin,” Gensler recently noted, “you can find a website, you can find a group of entrepreneurs, they might set up their legal entities in a tax haven offshore, they might have a foundation, they might lawyer it up to try to arbitrage and make it hard jurisdictionally or so forth.”
The XRP market has consolidated on a macro-timeline, and analysts forecast the breakout on either side will be enormous. Moreover, the Ripple vs SEC ruling is coming closer by the day.
XRP Whales Increases On-chain Activity
Despite the increased risks in holding XRP, on-chain data shows whales are busy transferring vast amounts of coins from one Wallet to another. According to on-chain data from whalestats, the top 100 Binance Chain whales are holding XRP coins in the second position. Notably, Binance is the largest cryptocurrency exchange by daily traded volume in the world, thus making their whales crucial in the market.
Additionally, whale_alert from Twitter identified three large XRP transactions worth over $90 million, all transferred to unknown wallets.
Meanwhile, XRP takes pride in over $19,838,588,344 in market capitalization and a 24-hour traded volume of about $934,383,146