There are some large fish creating waves in the huge ocean of cryptocurrencies. These are the “whales” of the cryptocurrency industry, and when it comes to XRP, they are really making a mark. Even if this year’s whale activity on XRP Ledger has been a little slower than it was in 2021 and 2022, these major players are not merely watching from the sidelines.
According to recent data, wallets holding between 100,000 and 100,000,000 XRP now contain an astounding $7.89 billion in currency. This is a gain over the $7.16 billion held a year earlier, or an extra accumulation of almost $730 million. This ongoing accumulation shows how confident these significant holders are in XRP’s prospects even in the face of decreased whale activity.
Looking at XRP’s price movement now, we can see that it is presently trading at around $0.5006. The 200 Exponential Moving Average (EMA), a technical indicator that many traders view as an important benchmark for a long-term trend direction, has just been breached by XRP, according to a thorough research. This decline below the 200 EMA may be a negative omen, pointing to probable price pressure to the downside.
There is a bright side, though. XRP has been successful in gaining local acceptance, specifically at $0.5. This support level may operate as a stopgap, halting additional down and perhaps acting as a springboard for next rallies. The moving averages are also convergent, which suggests an EMA squeeze. Even if it’s unclear whether such a squeeze will occur in an upward or downward direction, it frequently precedes a substantial price change.
Even while overall whale activity has decreased, the market’s ongoing accumulation points to a bullish long-term picture for the cryptocurrency. As usual, to prevent needless losses, traders and investors should exercise due diligence.
