Ripple [XRP] retail holders may be gearing up for a rally, here’s why
- Some holders were not leaving any chances open before an XRP uptrend started.
- Developers continued their contribution despite the lingering court case.
The tides have changed for the assets in the crypto market, including Ripple [XRP], after a season of ever-appearing upticks. However, some holders of the token seem not to be discouraged by the disenchanting performance.
Read Ripple’s [XRP] Price Prediction 2023-2024
Preparing to feast?
According to Santiment, the number of addresses holding 1 – 10 XRPs has reinforced their commitment to upholding the token’s sustenance. Information from the on-chain platform showed that these retail sects have been increasing their holdings since mid-April.
A circumstance like this usually infers that holders had the school of thought that XRP could be in line for recovery. However, this speculation was no guarantee that the value of the token would not decline further.
For XRP whales, it was an entirely different situation. As of this writing, addresses holding 1 million to 1 billion tokens had either remained the same or significantly decreased. This implied that whales do not share the same sentiment of a revival in the short term.
As per transactions, the actions of these whales were not similar to the restraint not to accumulate. At press time, transactions within the $100,000 and $1 million range have had recurring highs since the last week of April.
This hike suggests increased trading activity. Typically, this outlook does not exactly verify if the transaction was in favor of the motive to push up XRP’s value.
While Ripple was still battling its case with the U.S.SEC, it has not failed to halt upgrades on the network. This was because on-chain data further confirmed the dedication, as shown by the development activity metric.
The resilience remains
At the time of writing, the metric had increased to 4.5. When the development activity increases, it means that developers had intensified their contribution to the public GitHub repositories connected to the network.
When the metric decreases, it infers that dedication to upgrades on the network was not impressive. Thus, the state at press time coincides with the first interpretation. And sometimes, this pushes a bullish case for the token.
Realistic or not, here’s XRP’s market cap in BTC terms
In contrast to the surging development activity was the network growth. The network growth measures the rate at which new users have transacted on a network. This also leaves room to gauge the adoption of the token.
But the metric was down to one of its lowest points. Therefore, this implies that traction had tremendously shrunk on the Ripple network.