Home
News
- The Indigenous coin of Ripple, XRP, is on a rollercoaster ride since it witnessed its all-time high of $3.85 in January 2018.
- Whales on XRP network having 1 Million to 10 Million XRP in their wallets are now on an accumulation spree.
- As this article was being written, XRP was trading at a market value of $0.3887, up by 1.11% during the past 24 hours.
XRP Whales Are Active
Since reaching an all-time high of $3.85 in January 2018, XRP, the indigenous token for the Ripple network, has been on a wild ride.
The coin’s price has dropped around 80% since last year, owing to ongoing litigation by the Securities and Exchange Commission (SEC) as well as worldwide macroeconomic difficulties.
XRP is trading at about $0.3887as of this writing, up 1.11 per cent on the day. Nonetheless, despite the fact that the currency has broken the $0.4 multiannual support, a lot is occurring fundamentally, indicating that investors are sure that the price will soon be out of the wilderness.
XRP whales have been unusually busy of late, per an analytics firm, with prices dropping.
The analytics firm noted in a tweet this week that whales in the XRP network owning between 1 million and ten million $XRP have been collecting, and currently hold the biggest percentage of the asset’s supply in couple of months.
This group of XRP whales are by far the most active among non-exchange holders, with 6.12% of all coins in circulation.
The silver lining for XRP might also be attributed to Ripple’s efforts outside of the pricing aspect. The Ripple team has spent the last two years primarily developing products geared at long-term network improvement while also pushing their first cross-border payment solutions.
ALSO READ – Facebook Again Faces Allegations Regarding False Crypto Ads
The volume of Ripple’s cross-border payments offering “On-Demand Liquidity (ODL)” hit $8 billion in the first quarter of 2022, compared to merely $1 billion at the same time previous year.
Ripple CEO Brad Garlinghouse suggested a plan to examine the prospect of an Initial Public Offering (IPO) after its dispute with the SEC is resolved in an interview with CNBC earlier this week.
If this occurs, XRP may rebound and enter a long-term bull market, with major US exchanges listing it. For the time being, if XRP loses support at $0.35, it might fall below $0.33.
However, firm rejection wicks on daily candles in the previous two weeks near the $0.38 level imply that the sell-off may be slowed for the time being.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
