XRP fell below the $2.8 mark on Tuesday, and the price stagnancy is continuing on Wednesday. The latest data from TradingView shows that traders and whales have cumulatively accumulated 30 million tokens during the dip. The total holding among investors went from 6.74 billion to $6.77 billion as its price dipped to $2.78.
Also Read: Will XRP Fall Below $2?
Analyzing the Impact of The XRP Accumulation
The massive accumulation during dips indicates that holders are confident that the altcoin could surge further in the charts. Despite the market crash, XRP managed to find support at the $2.7 level and barely dipped below that level. The altcoin remains rangebound, moving at $2.78 to $2.85 in the day’s session. If it breaks its resistance level of $2.90, XRP could reach $3 in the next leg-up.
Traders and whales are mostly buying the dips in anticipation of the SEC approving the Franklin Templeton XRP ETF in November. Apart from Franklin Templeton, many other institutional asset managers are awaiting the SEC’s nod to allow ETF trading to clients. The SEC could approve or reject the applications by the end of the year. However, traders are hopeful that the SEC might approve the ETFs, allowing the altcoin to stand alongside Bitcoin and Ethereum.
Also Read: 3 Bullish Swings XRP Price May Face This October
The hopes that the SEC would approve XRP ETFs come as the White House is now crypto-friendly. The White House plans to maintain a Bitcoin reserve, along with other cryptocurrencies, in a first-of-its-kind move. Moreover, on the flipside, the SEC had an eight-year-long legal battle with Ripple, which could dent its chances of approval.
If the SEC approves all XRP ETFs by the end of the year, the altcoin’s price could soar in value. Therefore, traders and whales are taking the risk now for a better tomorrow. Whether the ETFs would come to life or be struck down by the SEC, only time will tell.