- XRP was one of the coins that benefited from increased demand as investor preference shifted to altcoins.
- Despite the favorable weekly outcome, XRP was still experiencing short-term selling pressure.
Digital asset management company Coinshares has released its latest weekly report on June 19, which XRP investors and enthusiasts may find appealing. In particular, the report highlighted how the top cryptos by market capitalization have fared over the past seven days.
How much are 1,10,100 XRPs worth today?
According to the Coinshares report, altcoins have received more attention from investors after last week’s crash. Investors added more than $1 million to their XRP holdings, making it the biggest gainer in the wealth management company’s portfolio.
The large number of XRP inflows reflected the optimism traders have regarding the legal battle between SEC and Ripple.
Assessment of the impact on XRP’s price action
The liquidity inflow was evident in XRP’s price action over the past four days. It changed hands at $0.49 at press time, representing an 8.8% increase. The bullish pivot also occurred right after the price retested a rising support line.
Source: TradingView
The bounce also coincided with a recent statement from Ripple CEO Brad Garlinghouse regarding the Hinman documents. The statement may have played a key role in rejuvenating investor interest. But what does this mean for the altcoin’s performance in the short to medium term?
XRP’s performance still hinges on the presumed outcome of Ripple’s legal battle with the SEC. It is worth noting that things were leaning in Ripple’s favor at the time of writing, but the final decision was yet to be made.
Perhaps a look at the current XRP-related on-chain activity can provide some insight into what to expect.
Performance on the chain
XRP’s daily active addresses saw a slight increase in mid-June. However, the same metric has since returned to the 4-week low range. This outcome showed a lack of investor confidence, as can be seen in the weighted sentiment metric, which revealed a lack of strong optimism.
Source: Sentiment
The above statistics suggested that the market may not be ready for a solid upward move in the near term. That expectation is further supported by the fact that the supply-distribution whaling activity confirmed that short-term profit-taking was still in play.
XRP’s supply distribution statistic showed that the largest whale categories have been buying the cryptocurrency since the second week of June. This means they have contributed to the return of buying pressure.
Realistic or not, here is the market cap of XRP in terms of BTC
However, addresses with more than 100 million XRPs have unloaded some of their coins in the past three days.
Source: Sentiment
The largest whale category controlled more than 18% of the total circulating supply of XRP at the time of writing. This means that the selling pressure from the same whale category has the potential to partially, if not completely, offset the bullish momentum of other whale categories.
