XR Whales Accumulate XRP Amid Price Drop: Analysis

By Ethan Glober Aug 17, 2023100Views

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XRP Whales Accumulating Tokens as Price Drops: Analysis

Despite the recent drop in XRP’s price, whales have been accumulating more tokens as the cryptocurrency approaches a key support level. On-chain analytics firm Santiment’s analysis shows that whale transaction activity surged during the dip, indicating potential accumulation. However, the analysis also warns that the uptick in activity could be due to either new acquisitions or potential sell-offs. Historical patterns suggest that large investors tend to accumulate after significant price drops. This comes as investment products focusing on XRP have seen a 127% rise in assets under management so far this year. The recent ruling differentiating XRP sales to institutional investors and on exchanges has further boosted its liquidity. The XRP Ledger has also been recording over 1.2 million transactions per day, surpassing Ethereum’s daily transactions.

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Ethan Glober

Ethan Glober emerges as a visionary weaving the roles of crypto analyst, relentless researcher, and editorial artisan into a captivating narrative of insight. Within the dynamic realm of digital assets, Ethan's insights resonate like an intricate melody, resonating with curious minds from all walks of life. His ability to untangle the most complex threads of crypto intricacies seamlessly melds with his editorial finesse, transforming intricacy into a harmonious composition of understanding. Guiding both seasoned explorers and curious newcomers, Ethan's insights serve as a compass for well-informed decision-making amidst the ever-evolving currents of cryptocurrencies. With the craftsmanship of a linguistic virtuoso, they craft narratives that enrich the evolving mosaic of the crypto landscape.