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Author: Best Owie

XRP Tops List Of Gainers As Whale Interest Spikes

XRP has been on the front lines of crypto news for the past couple of weeks as Ripple’s lawsuit with the Securities and Exchange Commission (SEC) heats up. The increased attention has translated to more market movement, and whales are looking to take advantage of this. Whales Move Into XRP XRP’s trading volume saw a spike on Tuesday following the upward rally in the crypto market. This saw an increase in the price of the digital asset but perhaps most important for the day was the fact that Binance Smart Chain whales were actually more interested in the coin. Related Reading: Bullish Signal: Bitcoin Whales Go On 20,000 BTC Buying Spree Whale tracking website WhaleStats reported that XRP had become the most traded token among the top 100 BSC whales for the day. It dethroned AAVE which had previously dominated the attention of these large whales to achieve this feat. ?? JUST IN: $XRP @Ripple flipped $AAVE for MOST TRADED token among top 100 #BSC whales Check the top 100 whales here: https://t.co/0SYnjw0xQs (and hodl $BBW to see data for the top 4000!)#XRP #AAVE #whalestats #babywhale #BBW pic.twitter.com/MhK4A1ATd3 — WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 10, 2023 Now, the increased interest from these whales has not died down yet because while XRP is not currently the most traded token, it is still a top 10 token for them. It features in the fourth spot of most purchased tokens for the largest BSC whales. Additionally, the XRP smart contract is one of the top 10 most used smart contracts among the top 100 BSC whales. Price sitting at $0.37 | Source: XRPUSD on TradingView.com Jumping In Front Of Crypto Market Gains There are still residual market gains from the Monday price surge in the crypto market and XRP is one of the tokens soaking up the gains. It is currently one of the top gainers over the last 24 hours, placing third on the Coinmarketcap list of gainers with a 4.34% increase in the last day. XRP in the top five gainers | Source: Coinmarketcap This increase in price has now pushed the price of XRP above its 20-day moving average. The breakpoints to a short-term bull trend for the digital asset, at least for the week. The most important now is for the digital asset to break the resistance at $0.037, as this will propel it above its 50-day moving average of $0.379. Once this is achieved, then a rally above $0.4 will be locked in for the cryptocurrency. Related Reading: Why Are Liquid Staking Cryptocurrencies Seeing Double-Digit Gains? An event that could likely prove volatile for the XRP price is another hearing set for January 19 in the Ripple v. SEC case. Both parties involved are required to file any objections to the non-parties’ motions by January 18. As for the final verdict for the case, Ripple CEO Brad Garlinghouse and lawyer Stuart Alderoty both expect a decision from Judge Analisa Torres sometime in the second quarter of 2023. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from The Coin Republic, chart from TradingView.com

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Santiment Paints Bullish Picture For XRP, But This May Not Be The Case

Author: Best Owie

United Kingdom

Source: NewsBTC

Jan 04, 2023 12:05

Santiment Paints Bullish Picture For XRP, But This May Not Be The Case

XRP price is having a shaky start to the year 2023 after a sharp drop on Monday during Asia hours. The digital asset eventually recovered but it remains shaky even now a new report from Santiment shows that there could be a bull case for the cryptocurrency. This bull case is tied to large XRP holders who have been accumulating coins over the past six months. A Bull Case For XRP The report from Santiment starts out with the revelation that large investors holding between 1 million and 10 million XRP tokens have been increasing their bags aggressively. Apparently, over the last six years, these investors raised their collective balances by 25%. This now meant that they were holding more than 4 billion XRP. Related Reading: SOL Jumps 15% In 24 Hours As Solana Receives Support From Ethereum Founder Santiment notes that such accumulation trends were important given that they are often observed during bear market bottoms. Basically, when these whales go on a buying spree such as this, it is when the price has already reached its lowest point in the bear market. So if history is anything to go by and this was to have the same effects as previously seen, then it could mean that there is a bull rally in scope for the digital asset. Additionally, it explains that the MVRV 30 for the altcoin shows that short-term holders were seeing losses of 7% on average. So this points to a hesitancy to sell among these holders because they do not want to take a loss. This refusal to dump tokens and whales adding to their balances adds up to less supply hitting the market while demand is on the rise. Basic laws of economics will easily put this as a recipe for a jump in the price of assets, hence the bull case for XRP. XRP price continues to struggle at $0.34 | Source: XRPUSD on TradingView.com But What If This Isn’t The Case? One thing that XRP holders have to take into account is the Securities and Exchange Commission’s lawsuit against Ripple. This case is yet to be concluded and it continues to put a damper on the price of XRP. To know just how much of an effect it had, while most cryptocurrencies in the market were hitting new all-time highs, XRP’s price had declined, unable to even reclaim its own all-time high price from 2018. Related Reading: Valkyrie Investments Wants To Take Over Grayscale Bitcoin Trust, Reveals Plans What this shows is that until the case with the SEC is concluded, XRP will continue to struggle in the market. Furthermore, if the final judgment were to be against Ripple, then investors should expect a rapid decline in the price of the asset. The only thing that can categorically determine if there is a bull rally coming for the altcoin would be for the outcome of the case to be in favor of Ripple. Until then, the price of the digital asset is expected to trade sideways, as well as lag behind the general crypto market. Featured image from Outlook India, chart from TradingView.com

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Whale Accumulation Paints Bullish Picture For XRP

Author: Best Owie

United Kingdom

Source: NewsBTC

Dec 16, 2022 12:05

Whale Accumulation Paints Bullish Picture For XRP

XRP whales have taken advantage of the price decline recorded in the crypto market to fill up their bags. These large investors have been rapidly buying up the tokens and increasing the percentage of supply they hold. In the last month, the holdings of these large whales have seen a significant uptick, sending their cumulative total holdings to one of the highest it has ever been. Gobbling Up The Coins Data from Santiment shows that the holdings of XRP whales with 100,000 to 10 million coins on their balances have jumped more than 6% in the last five weeks. These whales had held around 11% of the total XRP supply in mid-November following the crash of the FTX crypto exchange. But since then, they have increased their holdings by millions. Related Reading: What Ethereum’s Rejection At $1,350 Says About The Cryptocurrency Presently, the total percentage of supply held by these large whales is hovering around 18%. The chart below shows a clear uptrend in the last month where the holdings of these whales have increased, especially those holding between 1 million to 10 million coins. Whale holdings up in five weeks | Source: Santiment The same trend is also seen among wallets holding above 10 million coins. These wallets now hold a larger majority of the total supply at 71.67%, up from the 70.8% recorded in mid-November. So in total, addresses holding 100,000 coins and above now command around 90% of the total XRP supply. Will XRP Rally From Here? XRP’s price is currently moving in tandem with the crypto market which is still feeling the effects of Wednesday’s FOMC announcement. However, this clear accumulation trend among XRP whales could hint at a possible decoupling of the digital asset’s price from the broader crypto market, leading to a rally. XRP recovers above $0.38 | Source: XRPUSD on TradingView.com With prices so low, a lot of investors are not looking to sell their coins, but rather are investing for the long term. If the available supply continues to go to investors who are long-term holders, then such demand could result in a supply squeeze. Related Reading: FUD Intensifies: Can Binance Survive Or Is This The End? The Santiment data also shows accumulation even among smaller addresses, so it is possible that XRP would test the $0.4 resistance level before the week is over. The low volatility associated with weekend markets could get in the way of XRP’s rally but it could also be a blessing in disguise to help the cryptocurrency hold any gains it may register between Thursday and Friday. XRP is trading at $0.38 at the time of this writing. It remains the sixth largest cryptocurrency with a market cap of approximately $19.2 billion. Featured image from Jackobian Forums, chart from TradingView.com

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