Summary
- XRP failed to break through the $2.20 resistance level, with rising profit-taking supplies causing a slowdown in upward momentum.
- The number of whale investor XRP wallets reached an all-time high of 2,708, and the daily active wallet count also surged.
- In the short term, breaking through the $2.20 resistance and absorbing early investor sell-offs will be crucial.
Despite investor interest, XRP is facing difficulties breaking through the $2.20 resistance level, with increased profit-taking supplies reportedly holding back its rally.
On the 20th (local time), the cryptocurrency-focused media outlet Coinpedia reported, "XRP is stalling near $2.20 as early investors focus on realizing profits totaling $68.8 million," adding, "According to Glassnode data, this represents the largest profit-taking volume in a year."
On the other hand, the number of XRP whale wallets has reportedly reached an all-time high. According to on-chain analytics firm Santiment, the number of wallets holding over 1 million XRP has reached 2,708, marking the highest level in the past 12 years. The daily number of active wallets has also surged to 295,000, an increase of 637% compared to the usual figure.
The outlet added, "XRP has risen over 300% since October last year, maintaining strong network activity and an investor base," but also noted, "In the short term, breaking through the $2.20 resistance level and absorbing early investor sell-offs will be key."
As of 8:30 PM on this day, the price of XRP is trading at $2.16 in the Binance USDT market, up 0.8% from the previous day (KRW 2,991 on Upbit).
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
