XRP whale activity soars with price retracement; Bullish trend to continue?

XRP whale activity soars with price retracement; Bullish trend to continue?

After the protracted aftermath of the FTX collapse, the news of its founder’s arrest seems to have rocked the cryptocurrency market, including the XRP token, leading cryptocurrency traders and investors to question whether bullish trading would continue. One of the indicators of the XRP futures price is the activity of its whales, which took advantage of the token’s recent price drop to increase their holdings, suggesting that they could expect a price surge shortly, according to a report by the Cryptoanalysis platform Santiment was released on December 13. Additionally, the report included a chart showing growth in whale activity versus XRP price action. According to the chart, supply from whale keepers (with between 100,000 and 10 million XRP) grew from 16.7% to 18.29% in five weeks from December 11.

XRP whale activity soars with price retracement; Bullish trend to continue?

The report found that a significant increase in the price of the Ripple-issued decentralized finance (DeFi) asset versus the rest of the markets in late September and early October was followed by a pullback; the report states: “And as soon as As the price declined, whale addresses with between 100,000 and 10 million XRP began increasing their holdings in a hurry. It would be surprising if XRP had another run, considering the rising supply of these addresses, with retained whales rising in 5 weeks from 16.7% to 18.3%.

XRP price analysis

Meanwhile, XRP sees gains on its daily, weekly, and monthly charts, as it trades for $0.3911, up 4.09% on the day, up 0 55% compared to the previous week, and 11.40 on average. Last 30 days.

XRP whale activity soars with price retracement; Bullish trend to continue?

At the same time, the CoinMarketCap crypto community is bullish on the price of XRP, with the 1945 collective vote estimating that it will change hands by December 31, 2022, at an average price of $0.4118, despite the machine-based algorithm has done this lowered its previous forecasts from $0.4155 to $0.3696. The XRP price could also be affected by the results of the court case that the United States Securities and Exchange Commission (SEC) is conducting against XRP issuer Ripple, which is rumored to be finished on December 15.

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