The price of Ripple (XRP) fell suddenly after news broke that the court had given the green light to the US Securities and Exchange Commission (SEC) request for summary judgment. The recent decline has wiped out any gains from the July 13 rally, with XRP falling 15% over the past week and 30% over the past month.
However, on-chain metrics have painted a different story. According to Santiment, the XRP network is showing signs of improvement as the price is up 4% today. This increase appears to be influenced by the largest cryptocurrency holders. There are 221 addresses with 10 million to 1 billion XRP each, with a total of 16.13 billion tokens worth $8.71 billion.
Reacting to the news, pro-XRP attorney Bill Morgan wrote, “Those other ownership figures show that 221 accounts that may represent fewer than 221 individual holders now hold about 30% of the total circulating supply. @XRP_Productions should sell some.”
Moon Lambo, a well-known crypto enthusiast, also shared some interesting facts about these price movements. As Moon Lambo pointed out, sometimes $XRP outperforms Bitcoin during market crashes, and other times it’s the other way around. This shows that short-term price movements are not always predictable and that the crypto market is full of surprises.
The expert found humor in a recent crypto market crash where $XRP fell significantly more than Bitcoin. Why? Because these declines, while they may seem extreme, do not necessarily reflect a cryptocurrency’s long-term potential.
He wrote on Twitter: “Why should we be afraid when we observe volatile price action given that data tells us to expect volatile price action? The market is behaving in line with what we should expect, but normal market behavior drives some people crazy?”