The Ripple vs SEC legal drama has been shifting in favor of Ripple, aiding XRP price action, so why are Ripple whales so quiet?
XRP price enjoyed a bullish weekend alongside the rest of the crypto market, with Bitcoin, Ethereum, and a few other top altcoins showing positive signs on the short-term charts.
Yet last week, XRP price failed to deliver any bullish outcomes despite Ripple winning as the SEC was forced to hand over the Bill Hinman documents.
On Oct. 22, attorney and XRP enthusiast James K. Filan revealed the SEC had submitted for review proposed redactions to two drafts of Hinman’s June 2018 speech discussing pending determinations before the SEC.
The SEC and Ripple are due to file public, redacted versions of the opposition briefs on Oct. 24.
Once the filings are made, better clarity on what to expect ahead of the crucial Nov. 15 court date can be expected. Another ruling in favor of Ripple could further aid bullish price momentum, which appears missing in action at press time.
XRP Price Action Still Wobbly
Despite the recent ruling in favor of Ripple, price has maintained below the $0.50 psychological resistance barrier. At press time, XRP price noted a mere 0.52% rise on the hourly chart, trading at $0.45.
XRP price had a mixed start to a new week, with the price rising to $0.47 but failing to sustain above that level. The $0.47 mark acts as the next resistance for XRP price, while the immediate support is at the $0.45 mark.
Even though the price made some strides in the upward direction, the daily RSI for XRP presented no notable buying pressure. Furthermore, trade volumes still maintained low levels highlighting no-to-low retail euphoria.
What Happened to the Ripple Whales?
Ripple whales have been missing in action of late, as seen in the low percentage of stablecoin total supply held by whales with more than $5 million. The percentage of stablecoin total supply held by whales with more than $5 million had been trending lower for quite some time and is at worryingly low levels.
XRP development activity also trended lower and has made lower lows since Sept. 14, which was a bearish trend. The development activity is at its lowest levels since July.
Famed analyst Il Capo of Crypto has predicted a fall to $0.14 for the XRP price.
For now, though, with XRP price at a crossroads, some strong retail buying can put price action back on track. However, with the larger short-term situation tilting towards bearish, a pullback to the lower $0.40 support wouldn’t come as a surprise.
Invalidation of the aforementioned thesis, in case of bulls taking over, could push XRP price to the next resistance at the psychologically-important $0.50 mark.