The XRP price is retesting a macro falling trend for the third consecutive week with minimal success. Trading around 40 cents, the Ripple-backed crypto asset has seen its underlying value significantly suppressed by the ongoing lawsuit filed by the U.S. SEC two years ago. Nonetheless, the company’s crypto-enabled cross-border payments solution, On Demand Liquidity (ODL), has made significant strides in onboarding institutional investors.

According to the company’s fourth-quarter report on the XRP market, the On Demand Liquidity (ODL) launched in France, Sweden, and Africa are now available in nearly 40 payouts markets. As such, XRP is bound to record an increase in whale accounts utilizing XRP for the ODL transfers.

The Q4 2022 XRP Markets Report is now live–detailing ebbs and flows in the broader crypto market to a ramp up in regulatory actions, as well as significant XRPL technical developments including XLS-20 going live on Mainnet, and the EVM sidechain on Devnet.

— Ripple (@Ripple) January 30, 2023

Can Whale Power Push XRP Price Beyond $0.4?

The XRP price has significantly been bolstered by whales despite several crypto exchanges delisting the asset following the commencement of the lawsuit by the SEC. According to on-chain research conducted by whale alert, several XRP transactions have been spotted in the past 24 hours cumulatively worth hundreds of millions of dollars.

Notably, the two largest XRP whale transactions spotted in the past 24 hours amounted to approximately $198 million, each worth $99 million. Thereby insinuating a correlation between the two whale transactions.

The XRP price has, however, not made significant moves in the past few days to break through a year-long falling trend line. Should the whale purchasing power exceed the XRP shorts in the coming weeks, a breakout could take place soon.

If not, the digital asset could find some temporary solace between $0.32 and $0.36, a support line that has sustained since June last year.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.