Ripple whales make a comeback as XRP recovers. Assessing… – Crypto News – Crypto News
Connect with us
Ripple whales make a comeback as XRP recovers. Assessing... Ripple whales make a comeback as XRP recovers. Assessing...

Cryptocurrency

Ripple whales make a comeback as XRP recovers. Assessing… – Crypto News

Published

3 years ago

on


  • Addresses holding over 100 million coins are about to hit 200.
  • The MVRV ratio stays at over 8% as bag holders remain in profit.

The legal community was debating the interpretation of the latest ruling in the Ripple and SEC lawsuit. Meanwhile, large investors, known as whales, once again began accumulating Ripple tokens. Recent data indicated that this accumulation was increasing in tandem with the upward trend in price.

Read Ripple’s [XRP] Price Prediction 2023-24

Ripple whales step-up accumulation

As per a recent Santiment post, Ripple was experiencing a notable surge in whale accumulation. The post and accompanying chart revealed that there were currently 199 whale wallets holding over 100 million coins, valued at a minimum of $74 million. This figure matched the highest number of such wallets seen since May 13.

Source: Santiment

Furthermore, the recent rise in XRP’s The value has propelled it to become the fourth-largest asset based on market capitalization. This surge in value coincides with ongoing discussions and speculations about a potential SEC appeal against Ripple, which has been gaining momentum in the financial community.

Ripple to rise despite liquidations

A glance at the key Ripple metrics on CoinGlass indicated a noteworthy liquidation level in the past 24 hours, with long positions taking the lead. Based on the liquidation chart, long positions have experienced liquidations amounting to more than $600,000 during this period. Despite these liquidations, the funding rate remained positive.

As of this writing, the weighted funding rate suggested that traders maintained optimism regarding XRP’s potential for further price growth. This indicated that despite recent liquidations, traders still had a prevailing sentiment that XRP’s value would rise.

Is the XRP correction underway?

According to the daily time frame chart, Ripple has been going through a consistent downtrend in its price since 20 July, with only a brief respite observed on 23 July. It has suffered a decline of over 6% and is trading at approximately $0.69.

The overall cryptocurrency market was also experiencing a slump in prices as of this writing. However, the specific case of XRP could be attributed to a price correction.

XRP/USD price trend

Source: TradingView

After a significant price spike, XRP remained in the overbought zone for a considerable period before dropping to around 55 as of this writing. This indicated a weakening bull trend, coinciding with the recent downtrend in price.

– Realistic or not, here’s XRP market cap in BTC’s terms

Additionally, the 30-day Market Value to Realized Value ratio (MVRV) data on Santiment showed that XRP holders have been holding their coins at a profit. However, there had been a sharp decrease, indicating the correction the asset was currently undergoing. It was over 8% as of this writing.

XRP 30-day MVRV ratio

Source: Santiment

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending