Jan 5th 2023

XRP price is back in the buy zone, and analysts believe it is a bargain to get in at this time. The leading international money transfer token snapped out of a market-wide relief rally that saw assets like Solana (SOL), Polygon (MATIC) and Litecoin (LTC) post double-git gains in less than a week.

Ripple has continued to spread its wings across the globe, notwithstanding the lawsuit by the Securities and Exchange Commission (SEC). The regulator accuses Ripple and its top executives of selling XRP as an unregistered token, thus breaching the Securities Act.

The SEC and Ripple filed their final submissions toward the end of 2022, and the world is waiting anxiously to hear the court's ruling. At the center of the case are the Hinman documents and emails stating Ethereum was not a security. Legal experts like John Deaton say the lawsuit have a higher chance of going to trial than a settlement.

XRP price has been falling since September, when bulls tapped out at $0.56. Meanwhile, support at $0.30 has remained intact despite being tested five times in six months. This same level would mark the XRP price bottom ahead of a major rally into the next bull market.

According to Santiment, large-volume investors, popularly referred to as whales, have since November put all their weight behind XRP. Their commitment to filling their bags continues unbothered by the 90% drop in value from the token's all-time high of $3.15 in January 2018.

The chart below reveals that whale addresses with 100K to 1M coins now hold 11.59% of the network's supply, up from 10.45% as posted on November 1. Addresses with 1M to 10M coins echoed a similar growth pattern and currently hold 7.12% of the supply from 6.33% in the same period.

Spikes in the Supply Distribution metric often suggest investors have an optimistic outlook for XRP price to the extent that the collapse of Sam Bankman-Fried's FTX exchange did not deter them from sustaining a buying spree. Eventually, the pressure mounting behind XRP will pave the way for a tremendous northbound move in price.

Investors scooping up XRP might be banking on Ripple bagging a final win against the SEC in court, hopefully within this first quarter of the year. Ripple won several motions against the regulator as the case progressed, compelling investors to believe a win was forthcoming. A win for Ripple will be a win for XRP and the crypto industry.