After their support for the world's second-largest cryptocurrency, Ethereum (ETH), ahead of the Merge, they are now focusing on Ripple's XRP.
Following the Merge event last week, the Ethereum price has seen a dramatic drop, shedding more than 20% in a week. At the time of writing, ETH is trading 5.6% down at $1,262, with a market valuation of $154 billion. As per source data, the supply of larger Ethereum addresses has been significantly reduced since the Merge upgrade. It adds:
“The Sep 15 Ethereum merge triggered a shift in large address behavior. Addresses holding 1k to 10k ETH have lost 2.24% of their total holdings in the last six days following the transition to proof-of-stake.”
The ETH sell-off remains strong in the broader crypto market. While other cryptocurrencies have experienced single-digit weekly losses, ETH has fallen by more than 20%. However, one cryptocurrency is going against the grain and that is Ripple's XRP.
Whales Shift Attention to Ripple’s XRP
Over the last week, there has been strong buying in ripple XRP, which has increased by 20% on the weekly charts. As of press time, XRP is trading at $0.42 with a market capitalization of $20.2 billion. The recent price increase follows indications that XRP may soon reach an agreement with the US Securities and Exchange Commission. As per an on-chain data provide:
“This week, XRP Network has increased by 17%, while Bitcoin (-5%), Ethereum (-16%), and the majority of crypto have decreased. The ongoing legal battles between Ripple and the SEC over increased regulation have mostly resulted in increased trader confidence and strong whale movement.”
Apart from altcoins, Bitcoin has been under heavy selling pressure, falling 7% over the last week. On Wednesday, Bitcoin price fell below $19,000 as the Fed announced a 75 basis point rate hike to combat the soaring inflation.
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