• XRP remains strong despite its recent drop in DEX volume.
• On-chain data show that both retail holders and whales have been increasing their balance of XRP.
• There has been an increase in addresses holding various amounts of the token, and 90-day dormant circulation is also at a high point.
XRP Volumes Drop on DEXes
XRP’s volume on Decentralized Exchanges (DEXes) experienced a drop to $33,300 after it rose significantly on 4 June. On the aforementioned date, the metric increased to $440,000. This represents its highest since the $2 million milestone in May.
Increased Adoption
Despite ongoing uncertainty around XRP’s classification as a security due to Ripple’s lawsuit with the SEC, XRP continues to experience increased adoption. At press time, the number of addresses holding 100 to 10,000 tokens increased along with holders with 10,0000 to 1,000,000 tokens. This suggests demand for the token is increasing.
Whale Activity
However, whale activity has not seen an increase since late May according to Santiment data analysis. When it comes to balances on existing addresses however, both retail and whales have moved similarly; 90-day dormant circulation reached its highest point on 1 June indicating longterm holders are participating in transactions as well.
Motives Behind Movements
The motive behind why these assets are moving is uncertain; speculation went around how it could be a case of moving assets for protection or taking profits by owners of wallets involved.
Conclusion
In conclusion, despite experiencing a slump in DEX volumes recently, XRP has shown strength and resilience amidst hostile conditions while gaining increased adoption from both retail holders and whales alike. Furthermore its longterm holders are also actively participating in transactions which indicate confidence towards an imminent judgement between Ripple and the SEC lawsuit