XRP: Whales Accumulate Despite Price Downturn
XRP has been an anomaly in the 2024 crypto market. While Bitcoin and Ethereum are up year-to-date, XRP has dipped by 24.68%. Interestingly, while addresses (holding at least 1 million XRP) have bucked the trend, accumulating tokens throughout the year.
Whales Accumulate XRP Despite Bearish Price Action
- Whale Wallet Growth: The number of addresses holding at least 1 million XRP has grown from 1,957 at the beginning of the year to 2,043 currently.
- Tier Breakdown: The most significant increase came from addresses holding between 10 million and 100 million XRP, adding 69 wallets. Those with 1 million to 10 million tokens increased by 16.
- Accumulation by the Numbers: These whale addresses have accumulated a combined 1.34 billion XRP in 2024, bringing their total holdings to 44.89 billion.
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Mixed Signals: Accumulation and Distribution
- Distribution by Large Holders: While some whales are accumulating, others are distributing. Addresses holding between 100 million and 1 billion XRP have sold off 1.31 billion tokens.
- Billionaires Buy In: Addresses holding over 1 billion XRP have added a significant 1.21 billion tokens to their holdings.
XRP’s Technical Outlook: Challenging Times
- Price Slump: XRP is currently trading below $0.47, down 4.14% in the last 24 hours.
- Technical Indicators: The token is retesting its lower Bollinger Band and its RSI suggests weakening momentum.
- Reversal Needed: XRP needs to break above the 20-day SMA ($0.4814) to signal a potential shift towards bullish short-term momentum.
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The Verdict: A Puzzling Phenomenon
The ongoing accumulation by whale addresses despite XRP’s price decline presents a puzzling situation. It could indicate their belief in XRP’s long-term potential, or it could be a strategy based on technical analysis unseen by the broader market. Only time will tell if this accumulation translates to a price reversal for XRP.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct your research before making any investment decisions in the cryptocurrency space.
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