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.

Read Also: Xaman Wallet Integrates C14: Easier Fiat-to-Crypto On-Ramp for XRP and XAH in 50+ Countries

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.

Read Also: Terra Classic Community Rallies Behind Strath Wallet Integration: A Sign of Revival?

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.


Follow us on Twitter, FacebookTelegram, and Google News

  • 69 Posts
  • 0 Comments
Meet Raliat: A rising star in the crypto world, blending expertise with a passion for analysis. With a knack for simplifying complex concepts, she empowers audiences to understand and navigate the blockchain landscape. Raliat's insightful content and analytical prowess make her a trusted guide in the ever-evolving world of cryptocurrency.
Loading...