Active XRP wallet addresses increased by over 200% in past three months, whale keeps accumulating
Earlier, AZCoin News reported about 147,027,952 XRP circulating in the market with the participation of Ripple Labs and some other major exchanges such as Bybit, Binance, etc. Recently, another 30 million tokens were transferred to the market. And all of those trades took place at a time when the price was trading in a range of $1.07 – $1.09.
At the time of writing, XRP was trading at $1.08, down by 3.2% over the last 24 hours.
XRP/USD 4-hour chart | Source: TradingView
Two XRP lumps have been transferred into the market
In the last 24 hours, a crypto equivalent of $32,232,824 was transferred by anonymous wallet addresses.
In it, distributed ledger technology provider Ripple sent 10 million tokens to the Bitstamp exchange (its On-Demand Liquidity corridor in Luxembourg). Ripple has also moved 20 million to Bitso exchange – its ODL partner in Mexico and Latin America. Earlier this year, it raised over $1 billion in an investment round and became the first crypto unicorn in the region.
Furthermore, when Ripple was under investigation by the SEC, institutional investors haven’t made any significant investments in the altcoin since December 2020.
Active XRP wallet addresses in the last three months | Source: Coinmetrics
As you can see that the number of active wallet addresses has increased by over 200% in the past three months. Despite the recent delisting on several spot exchanges, small traders are using XRP, which has a positive long-term effect on the price.
As XRP moved within a symmetrical triangle, certain conditions gave sellers an edge over a breakout. In a bearish outcome, the focus will be on a defensive line of $0.95. However, bulls made their case as well. If selling pressure runs out as XRP maintains its 23.6% Fibonacci level, a price hike can be expected.
- Ripple Has No Plans To Settle With SEC Over A Lawsuit On XRP
- Still Mired In Legal Action With The SEC, Ripple Is Hiring In U.S., London, And Singapore For New Plans?