XRP has seen a noticeable increase in whale movement in recent days. According to data from Santiment, large-scale transactions have been gaining significant momentum in XRP. XRP’s trading volume, which has been increasingly mentioned on social media, reached $2.39 billion. This is the highest trading volume recorded in the past 8 months.
These developments come after Bitwise filed for an XRP-based exchange-traded fund (ETF) in the United States. However, experts say it is unlikely that the application will be approved quickly. However, it is believed that the application will help ensure the legitimacy of XRP.
XRP Price Is Falling
Despite all the positive developments, XRP price failed to live up to expectations. Despite Bitwise’s announcement of an ETF application, XRP price continued to fall. On the day of the announcement, XRP’s value dropped, disappointing investors.
Another blow to XRP came from the SEC. The SEC’s call in the ongoing legal proceedings against Ripple was seen as a negative development for XRP. Following the news, XRP’s value fell 15% to $0.52. At the same time, its market cap fell to $28.9 billion.
SEC Case Weighs on XRP
The ongoing legal battle between Ripple and the SEC continues to negatively impact XRP’s market performance. Following the SEC’s appeal decision, options traders have been observed to be more cautious and negative towards XRP.
These developments make it difficult for XRP to recover in the short term. Whale movements in the crypto market and the price decline despite the registration of an XRP-based ETF continue to worry XRP investors.
