XRPLedger Whales 2023: Accumulating XRP Amid Changing Tides

Oct. 12, 2023
BY Mishal
XRPLedger Whales 2023: Accumulating XRP Amid Changing Tides

The crypto data provider Santiment has revealed how the whale activity on XRPLedger has changed over time. Unlike the previous years, the whales on XRPLedger have been less active in 2023. However, this does not mean that they have stopped accumulating XRP, as some of them still hold a large portion of the supply.

The value¬≠ of the coins held in wallet addre¬≠sses containing 100,000 to 100 million XRP is approximately $7.89 billion, surpassing the pre¬≠vious year’s total of around $7.16 billion in XRP. This data suggests a potential de¬≠crease in the numbe¬≠r of active whales, but those who re¬≠main are accumulating more XRP.

The digital curre¬≠ncy realm recently e¬≠xperienced a significant focus on a spe¬≠cific cryptocurrency closely associated with Ripple¬≠. In the past month, the coin’s value saw a note¬≠worthy increase due to a combination of positive¬≠ developments.

Fede¬≠ral Judge Analisa Torres’ reje¬≠ction of the SEC’s appeal is a significant deve¬≠lopment that reinforces he¬≠r earlier ruling. She firmly stated that Ripple’s sale of XRP did not breach se¬≠curities laws. This legal victory serve¬≠s to strengthen the conviction of XRP e¬≠nthusiasts.

Moreover, Ripple’s attainment of a comprehensive operational license in Singapore has contributed to the growing optimism in the cryptocurrency community. Despite a slight retracement that currently places its value at approximately $0.50, there is a renewed sense of positivity.

These recent developments signal that XRP is steadily gaining recognition as a favored choice for cross-border payments and settlements in Mexico, potentially reigniting investor enthusiasm.

Technical Analysis & Price Predictions For XRP

As of the current reporting, the coin is traded at roughly $0.497752, with a 24-hour trading volume of $994 million. Within the past 24 hours, the cryptocurrency has witnessed a decrease of 3.68%. It maintains the fifth position regarding market capitalization, boasting a market cap of $26 billion. This is underpinned by a circulating supply of 53,387,299,665 XRP coins and a maximum supply limited to 100,000,000,000 coins.

In analyzing the technical aspects of the coin’s price trajectory, we note a prevailing bearish sentiment in the long term. According to expert forecasts, there is an expected decrease in price of 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 suggest that the coin is following a neutral trend. Consequently, investors should anticipate a slight upward movement in the near future, although there remains a possibility of a minor downturn in the hours ahead.

Mishal

Editor
Experienced in the realm of cryptocurrencies and fueled by a deep passion for blockchain technology, I am a skilled crypto writer. My expertise lies in offering comprehensive insights into various aspects of the crypto space, encompassing cryptocurrencies, decentralized finance, and the cutting-edge developments shaping the world of digital assets.

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