XRP continued to follow the general market conditions that are currently displaying signs of consolidation in response to the Evergrande Debt-default crisis. With the overall market sentiment remaining shaky as major assets traded in red, large-scale holders have refused to give up their accumulation of XRP tokens. In fact, these ‘smart money whale millionaires‘ have continued their one-year trend of raking in more supply.
Observing the same, leading on-chain analytics platform, Santiment noted that addresses holding between 1 million to 10 million XRP currently owns a staggering 3.31 billion native tokens. On top of that, in a span of just three months, whales have amassed around 19 million coins which amounts to a 6% increase in their holdings.
Coming to its price aspect, at the time of this post, XRP was changing hands at $0.83 falling by just 0.17% in the last 24 hours. Its market cap stood at $39 billion, while its 24-hour trading volume currently stood at $2.88 billion. Let us look into its technical indicators.
What does XRP technical indicators depict?
From the above 1 day chart, the Volume has been moderate that could cushion from a potential downtrend. On the other hand, the Chaikin Money Flow [CMF] bouncing back from the zero-line indicated an increasing capital inflow in the market. Riding along a similar path, the Klinger Oscillator [KO] was also seen leaning towards bullish tendencies in the coin’s price movement.
XRP Creator Chris Larsen unveils grand proposal
XRP inventor and Ripple executive chairman Chris Larsen recently outline his ambitious plan to attract miners of Bitcoin [BTC] to switch to a more eco-friendly consensus algorithm such as the Proof-of-Stake [POS]. Explaining in detail the exec stated,
“Consider Marathon Digital, which runs 8% of the current global hash rate, earning 75 BTC per day as of November 1, 2021. Under such a code change, Marathon would continue to earn 8% of daily Bitcoin rewards but would not need to expend any energy to receive this reward.”