Monday, May 10, 2021

XRP Whales in Accumulation Spree. Further Gains Ahead?

XRP whales are increasingly accumulating XRP after the price of the cryptocurrency broke above the price level maintained for a couple of months.

XRP Surpasses Multi-Month Resistance Barrier

Ripple’s digital token XRP is back in the green after months of trending below $0.2 price level. The digital currency broke above the 50-three-day moving average on 17th July 2020. Since then, the price of XRP has been on the increase.

XRP hit a high of $0.25, which indicates that the digital currency is now up nearly 29% over the past two weeks to aim new yearly highs.

Additionally, the third-largest cryptocurrency has managed to turn its 100-three-day moving average into support within the same time interval. The fact that it was able to move past this challenging hurdle suggests that XRP could surge further to aim the next resistance barrier represented by the 200-three-day moving average. At the moment, the resistance level of the digital currency stands at $0.28.

XRP Whales in Accumulation Spree. Further Gains Ahead?
XRP/USD. Courtesy of TradingView

In the course of XRP’s stay below its resistance barrier, XRP enthusiasts remained optimistic that its price would eventually breakout. And data has also revealed that big investors have been in accumulation spree over the past two weeks. The continuation of this positive trend could push the digital token to higher highs.

XRP Whales in Accumulation Spree

The crypto holder’s distribution chart shared by Santiment has revealed that the buying pressure behind XRP is on the increase, which is a positive signal for the cryptocurrency.

The behavioral analytics firm noticed and recorded a significant surge in the number of addresses holding millions of XRP.

According to Santiment, the number of addresses holding 1 million to 10 million XRP has been experiencing a drastic increase since 18th July 2020. Relatively 30 new whales have joined the network, which represents a 3.7% increase within a short interval.

XRP Whales in Accumulation Spree. Further Gains Ahead?
XRP Holder Distribution. Courtesy of Santiment

The fact that the big investors are holding between $240,000 and $2.4 million in XRP makes it significant and this increase in buying pressure could aid further price growth of the cryptocurrency. At the time of filing this report, Ripple’s XRP is trading at $0.244498, with a 1.46% price increase in the last 24 hours.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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