XRP Whales Increase Holdings By 140 Million Tokens
If you are keen on the latest developments in the crypto world, you would be interested to know that recent data indicates a significant surge in the holding of XRP tokens by whales. Here’s a breakdown of the recent increase:
- XRP whales purchased over 140 million XRP this past week, amounting to around $84 million. This figure showcases a strong show of confidence in the future prospects of XRP.
- The accumulation by XRP whales signifies a growing belief in the potential for a long-awaited rally for the XRP token after a prolonged period of consolidation.
Implications of Whale Accumulation on XRP’s Price
The recent uptick in whale accumulation of XRP tokens holds crucial implications for the price trajectory of the cryptocurrency. Here are a few key points to consider:
- Whales’ increased holdings could potentially act as a catalyst for a price rally, given their ability to influence the market significantly.
- Santiment, an on-chain analytics platform, highlighted that the impressive rebound in XRP’s price aligns with the surge in holdings by whales and sharks (large XRP investors).
- The collective holdings of these significant investors have reached an all-time high of over 51 billion XRP tokens, indicating a bullish sentiment in the market.
Positive Network Activity on the XRP Ledger
Aside from the notable increase in whale accumulation, the XRP ledger reflects positive network activity that reinforces bullish sentiments surrounding XRP. Here’s what recent data reveals:
- The XRP ledger (XRPL) has observed a surge in the creation of new addresses and total addresses interacting on the network, reaching the highest levels since March.
- On July 18, 1,721 new XRP wallets were created, and 47,363 individual addresses engaged on the network, indicating growing retail investor interest in XRP.
- These network metrics, coupled with other technical indicators, suggest a strong possibility of a significant price rally for XRP in the near future.
Technical Analysis Points Toward a Bullish Narrative
Several crypto analysts have conducted technical analyses on XRP’s price chart, indicating a bullish outlook for the cryptocurrency. Here are some key takeaways:
- Analysts like Mikybull Crypto and Alex Clay have identified potential breakout patterns on XRP’s chart, signaling the possibility of a sustained rally towards higher price levels.
- Moreover, XRP’s Relative Strength Index (RSI) shows favorable levels, with analysts like Nico suggesting that XRP is poised for a significant upward movement if current momentum is maintained.
Current Trading Status of XRP
As of the latest update, XRP is trading around $0.60, experiencing minor fluctuations in the past 24 hours according to data from CoinMarketCap. This price point offers an entry opportunity for investors looking to capitalize on the potential rally ahead.
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