Whales Accumulate 26.7% of XRP With Transactions on the Ledger Dwindling, How?

Market intelligent platform for on-chain and social metrics, Santiment tweeted that the XRP ledger has seen less activity compared to 2021 and 2022. However, this has not stopped the Whales and the Sharks from accumulating XRP. Wallets with 100K-100M $XRP hold $7.89B in coins at present while a year ago it was $7.16B. As such, wallets holding 100K -100M XRP have 26.7% of the supply of XRP.

🐳🦈 #XRPLedger is seeing less whale activity this year compared to 2021 & 2022. However, this hasn’t stopped the key shark & whale addresses from accumulating more of the supply. Wallets with 100K-100M $XRP hold $7.89B in coins vs. $7.16B a year ago. https://t.co/NMnrTCTMUw pic.twitter.com/DSShcoFa8G

— Santiment (@santimentfeed) October 9, 2023

When the market opened for trading, XRP was trading at $0.508. After a few hours into the first day of the week, the token drastically increased and reached $0.5409, the highest price for the week. Thereafter, during the rest of the week, XRP was making lower highs until it crashed below its opening market price today.

XRP/USD 1-Week Chart (Source: CoinMarketCap)

At press time, XRP is trading at $0.4985 with a decrease of 3.13% in the last 24 hours. The token’s trading volume hit $979,989,279 with an increase of +120% in 24 hours.

XRP/USDT 1-Day Chart (Source: Tradingview)

The above chart shows that XRP was on an uptrend making higher lowers from March to September 2023. However, this uptrend came to an end as the bears pulled the prices down. After crashing below the initial uptrend, XRP is trying to rise again. If this motion is continuous, then, XRP could reach $0.769, once it breaks the resistance at $0.64.

However, when closely observing the price action of XRP, it could be noted that XRP could be reciprocating its behavior back in November 2022, as highlighted. In the event, that XRP reciprocates its behavior in 2022 November, then, we could expect it to crash and reach for support at $0.365. Thereafter, it may keep on rebounding off of the $0.41 and $0.365 levels.

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