Whales Hoard XRP Amid Price Dip and Regulatory Uncertainty

XRP's price has taken a significant hit in recent months, plummeting 69% from its January peak of $3.65 to $1.13 as of July 23.

Despite this decline, large holders have been accumulating the asset, adding 600 million tokens worth approximately $678 million over the past five weeks.

The market is awaiting the outcome of the CLARITY Act legislation, which could impact XRP's future, with a 39-43% chance of approval. Technical analysis suggests a bullish pattern, indicating a potential rise to $1.24 if resistance at $1.16 breaks.

In related news, XRP ETFs have seen over $200 million in inflows this year, driven by new developments such as the XRPL Lending Protocol and strong institutional interest.