XRP Whales Accumulate $6M in Crypto, Potentially Driving Price Volatility
Activity of XRP Whales Increases
XRP whales, i.e., addresses holding between 100,000 and 10 million tokens, have accumulated cryptocurrencies worth over 6 million dollars in the last seven days. This is according to an analysis by Santiment. As a result, the share of this group in the total holdings has increased. For instance, the group with 100,000 to 1 million tokens made up 11.39% of the total XRP holdings, while the group with 1 million to 10 million tokens owned 6.31%.
The Impact on XRP Price
By reducing the tokens available on the market, whales can exert upward pressure on prices. Furthermore, accumulating large amounts of cryptocurrency can lead to high volatility. With XRP, there were signs that the cryptocurrency is ready for a parabolic movement. The value of the token was at 0.63 dollars at the time of reporting. This was after a price increase of 2.29% in the last 24 hours.
Caution, Reset is Possible
However, there is also the possibility of a complete reset, as indicated by the positive Cumulative Liquidation Level Delta (CLLD). If a reset were to occur, traders who entered around 0.60 dollars could be liquidated. Another indicator that could affect the XRP price action is the open interest, i.e., the number of open contracts at a specific point in time. If open interest increases, it means that more traders are trying to profit from the movement of an asset. A decrease, however, indicates an increase in closed positions. At the time of reporting, XRP’s open interest had decreased.
Outlook on XRP Price
So, it is possible that XRP could fall back to 0.61 dollars. However, if the buying pressure continues, the token could exceed expectations and potentially rise to 0.65 dollars.
Sources: Santiment, TradingView, HyblockCapital, Coinglass
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