Are XRP whales ignoring market trends? Here’s what data says
XRP has remained in the $0.6 price range, but this has not deterred whales from accumulating.
- Around 360 million XRPs have been accumulated recently by whales.
- XRP has remained in the bear trend despite recent price increases.
Over the past few days, Ripple [XRP] has witnessed a noteworthy increase in accumulation among its large holders. Additionally, despite the ongoing accumulation trend, there has been a recent decrease in the total supply in a profitable position.
Major Ripple whales increase positions
Following Ripple XRP’s rise to over $0.7 and subsequent drop to around $0.6, it has remained within this price range.
Despite this, significant numbers of whales have continued accumulating, as evidenced by supply distribution on Santiment.
The chart showed recent accumulation by whales holding 10 million to 100 million XRP tokens, with a dip noted around 13th December.
These wallets have accumulated around 360 million XRP in the past week alone, worth about $223 million.
While the number of wallets in this category has slightly decreased to 189 at the time of writing, it marks a slight increase from the 184 observed around 13th December.
This suggests that these large holders are expanding their Ripple positions, which is seen as a bullish signal anticipating a price rise.
XRP in profit sees a slight decline
At the time of writing, based on data from CoinMarketCap, the total XRP supply was around 99.9 billion, with a circulating supply of about 54 billion.
An analysis showed that the total XRP supply in profit was 86.63 billion as of the same moment. This constituted over 86% of the total supply, as shown by another chart.
Notably, this figure has recently decreased from over 87 billion recorded on 22nd December. Considering the accumulating behavior of whales, this percentage could soon go over 90%, especially with the ongoing accumulation.
Even a movement into the $0.7 price range alone would significantly impact these metrics.
XRP caught in the weekend downtrend
The Relative Strength Index (RSI) for XRP has stayed below the neutral line, and despite a recent rise in value, it has been unable to go beyond this range.
Currently, the RSI has experienced a further decline due to the recent decrease in value. It was trading at around $0.61, showing a decline of over 1%.
How much are 1,10,100 XRPs worth today
Additionally, the short moving average ( yellow line) continued to act as a resistance within the same price range.
Despite these challenges, the price trend showed the potential for an upcoming increase. This suggests that the accumulated positions of whales may soon yield positive results.
