Santiment, a leading crypto data provider, has shed light on the changing landscape of XRPLedger’s whale activity. Contrary to the trend observed in 2021 and 2022, there has been a noticeable decrease in the engagement of cryptocurrency whales within the XRPLedger network. However, this intriguing development hasn’t deterred key players from accumulating a significant share of the XRP supply.
Wallet addresses holding between 100,000 and 100 million XRP are currently harboring a substantial sum of approximately $7.89 billion in the coins. This figure marks a notable increase from last year’s period when these wallets held roughly $7.16 billion worth of the coin. This data suggests that while active whales may be dwindling, those who remain in the game continue to amass XRP.
The cryptocurrency world’s attention was recently captured by the coin, the digital asset closely associated with Ripple. A surge in the coin’s price was witnessed earlier this month, fueled by a confluence of positive developments.
Notably, the rejection of the SEC’s appeal by federal judge Analisa Torres served to reinforce her earlier verdict, which declared that Ripple’s sale of XRP did not violate securities laws. This legal victory bolstered the confidence of XRP supporters.
Furthermore, Ripple’s achievement of a full operational license in Singapore has added to the optimism surrounding the cryptocurrency. Although the coin has experienced some retracement and is currently valued at around $0.50, there is a renewed sense of positivity.
The recent developments indicate that XRP is gaining traction as a preferred option for cross-border payments and settlements in Mexico, which could reignite investor enthusiasm.
Technical Analysis & Price Predictions For XRP
At the time of reporting, the coin is trading at approximately $0.497752 with a 24-hour trading volume of $994 million. Over the last 24 hours, the cryptocurrency has experienced a decline of 3.68%. Regarding market capitalization, it holds the fifth position with a market cap of $26 billion, supported by a circulating supply of 53,387,299,665 XRP coins and a maximum supply capped at 100,000,000,000 coins.
When analyzing the technical aspects of the coin’s price movement, there is a prevailing bearish sentiment in the long term. Experts predict a decrease in the price by approximately $0.00771 over the next seven days, potentially reaching a level of $0.49053 by October 17, 2023.
In the short term, machine learning algorithms indicate that it is currently experiencing a neutral trend. As such, investors should anticipate a slight uptick soon, although there remains a possibility of a minor downturn in the coming hours.
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