The past week witnessed crypto whales displaying a major transition in their acquisition pattern. After they gave their support to the market’s second-largest crypto asset, they have now moved to focus on Ripple (XRP) for the time being.
Ethereum Suffers After Merge
After the Ethereum Merge last week, Ethereum’s price has corrected severely as it lost well over 20% of its price within a week. As of the time of this report, Ethereum trades at 5.6% lower at $1,260 and its market capitalization stands at $154 billion.
According to Santiment, an on-chain information provider, the largest whale addresses holding Ethereum have reduced their supply of the asset by a substantial amount after the Merge was completed. Santiment added that the Ethereum Merge completed on the 15th of September has caused a pattern shift for whale addresses. It said within the time of the Merge and now, addresses that hold between 1,000 and 10,000 Ethereum tokens have reduced their holdings by as much as 2.24%, while those holding between 100 and 1,000 are down by 1.41%.
Ethereum has seen a huge selloff across the board, and it has been severe in such a short time. Note that most altcoins in the market have recorded a percentage weekly loss while Ethereum, on the other hand, has lost over 20% in the same time frame. But there is an altcoin that is miraculously trading against the general momentum; its XRP.
SEC Battle and Other Assets
The past week has also seen a momentous buying in XRP as it increased in value by 20% on its weekly selling chart. As of the time of this report, the asset sells for $0.40, and its market capitalization is at $20.2 billion. The latest price and sales increase came on the back of news that the Ripple vs SEC lawsuit is about to reach a conclusion.
The on-chain record provider, Santiment has it that the XRP network gained up over 17% just last week when the market king, Bitcoin, lost 5% of its value. Ethereum, on its part, lost 16% and the greater part of the crypto market saw various degrees of decline.
The long-drawn legal battle between the SEC and Ripple over regulatory positions has now largely led to higher optimism among traders and higher movement of whales in XRP’s direction.
Aside from what is seen around altcoin, it happens that Bitcoin is equally confronting high selling pressure as it has now lost about 7%. Its price fell under $19,000 on Wednesday as the US Federal Reserve announced another 75 basis points interest rates increase.