In a most curious turn of events, the XRP whales have recently engaged in a rather extravagant buying spree, as revealed by the latest on-chain data. One might say it’s a bullish sign for the asset’s price, or perhaps just a sign of their insatiable appetite for digital fish.
Whales on a Shopping Binge: 48 Hours of Accumulation
As our esteemed analyst, Ali Martinez, elucidates in a recent post on X, these aquatic investors have been busy increasing their holdings. The key indicator here is the “Supply Distribution” from the on-chain analytics firm Santiment, which, if one were to be cynical, sounds like a fancy way of saying, “Look at all the coins we have!”
Investors are conveniently categorized into cohorts based on their coin collections. For instance, those with a mere five tokens are lumped into the 1 to 10 coins group. How quaint!
For our current amusement, we focus on the whales, those grandiose investors holding between 10 million and 100 million coins. At today’s exchange rate, that translates to a modest $26.5 million at the low end and a staggering $265 million at the high. Quite the pocket change, wouldn’t you agree?
These whales, with their colossal holdings, wield a certain influence in the market, making their every move worthy of our rapt attention. One can only imagine the drama that unfolds in their underwater boardrooms.
Now, feast your eyes on the chart shared by our analyst, which illustrates the Supply Distribution trend of these whales over the past few days:
As the graph so eloquently displays, the XRP whales have seen their supply swell recently, suggesting that these behemoths have been indulging in a net accumulation of tokens. In total, they’ve added a jaw-dropping 150 million tokens (worth around $400 million) to their already impressive hoard. This buying frenzy coincides with a price decline, leading one to ponder whether they believe this dip is merely a fleeting inconvenience.
XRP Climbs to $2.68: A Triumphant Escape from the Ascending Triangle
In another riveting post on X, Martinez pointed out that XRP has been attempting to break free from a potential Ascending Triangle. And lo and behold, the pattern appears to have held, as the coin’s price has surged forth like a phoenix from the ashes.
The “Ascending Triangle,” for those unacquainted with such technical jargon, is a formation that emerges when an asset’s price consolidates upward within a channel, flanked by an upper level parallel to the time-axis and a lower one that slopes upward. Quite the geometric marvel!
In his post, the analyst noted, “XRP looks to be breaking out of an ascending triangle on the lower time frames, setting up a potential 4% move toward $2.68!” And indeed, as the latest price chart reveals, the coin’s value has leapt following this breakout, as if it were a contestant on a game show.
Read More
- Top 5 Swords in Kingdom Come Deliverance 2
- Best Avowed Mage Build
- How to Use Keys in A Game About Digging A Hole
- Reverse: 1999 – Don’t Miss These Rare Character Banners and Future Upcoming Updates!
- Brent Oil Forecast
- OKB PREDICTION. OKB cryptocurrency
- EUR AUD PREDICTION
- 8 Best Souls-Like Games With Co-op
- Captain America: Brave New World Director Addresses The Film’s Biggest Loss
- LUNC PREDICTION. LUNC cryptocurrency
2025-02-20 17:50