XRP Drops 35% Yet Whales Buy 90M Coins Amid SEC Lawsuit

In the wake of the recent crypto market crash, Bitcoin and most altcoins experienced significant drops. Bitcoin, for instance, fell by 25% from its all-time high, while many altcoins saw even steeper declines. Despite this downturn, some top traders remain optimistic and continue to hold positions in certain altcoins, including XRP, HYPE, and AAVE.

Crypto investors and traders are hopeful that these coins will recover once the market stabilizes. This optimism is evident in the holdings of major investors, who have not sold their positions in XRP, HYPE, and AAVE during the crash. Third-party data indicates that top traders are still holding onto XRP, with positions worth millions of dollars, despite the coin's 35% drop from its peak this year. Additionally, whales acquired over 90 million XRP coins last week, signaling confidence in the coin's potential rebound.

XRP has several potential catalysts driving its bullish outlook. One key factor is the ongoing lawsuit between the SEC and Ripple Labs, which, if resolved in Ripple's favor, could lead to increased market share against SWIFT. Ripple's nearly instant finality and lower transaction costs compared to SWIFT make it an attractive alternative. Furthermore, there is a high likelihood of an XRP ETF approval by the Securities and Exchange Commission, and Ripple has been identified as a potential addition to US crypto reserves.

However, XRP faces short-term risks due to its current head and shoulders pattern, which suggests a potential breakdown. This bearish outlook could be invalidated if the coin rises above the neckline at $3.

AAVE is another altcoin that top traders are holding onto despite the market crash. The coin has dropped by over 50% from its highest level this year, but data shows that AAVE balances on exchanges have decreased, indicating that holders are not selling their coins. AAVE is also a top portfolio token for Donald Trump’s World Liberty Financial. Technically, the coin has formed a falling wedge pattern, with the two trendlines nearing their confluence at the 61.8% retracement level, suggesting a potential rebound.

HYPE is another altcoin that top traders are bullish on. The HYPE token price has crashed by 58% from its all-time high, but one crypto whale recently bought HYPE tokens worth $