The price of Ripple (XRP) suddenly dropped after news broke that the court had given the green light to the US Securities and Exchange Commission’s (SEC) request for an interlocutory appeal. The recent drop has wiped out all the gains made during the July 13 rally, with XRP plunging by 15% in the past week and 30% over the past month.
However, on-chain metrics have painted a different narrative. According to Santiment, the XRP Network is showing signs of improvement, as its price rose by 4% today. This increase seems to be influenced by the largest holders of cryptocurrency. There are 221 addresses with 10 million to 1 billion XRP each, holding a combined total of 16.13 billion tokens valued at $8.71 billion.
Reacting to the news, pro-XRP lawyer Bill Morgan wrote, “Those other ownership figures show 221 accounts which may represent less than 221 separate holders now hold about 30% of the entire 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 can’t always be predicted and that the crypto market is full of surprises.
The expert found humor in a recent crypto market crash where $XRP dropped significantly more than Bitcoin. Why? Because these drops, even though they might seem extreme, don’t necessarily reflect the long-term potential of a cryptocurrency.
He wrote on Twitter, “Why be fearful when we’re observing volatile price action given that data tells us we should expect volatile price action? The market is behaving in-line with what we should expect, yet some people freak out over normal market behavior?”
