Editor's PiCK
"XRP Whales Accumulate 280 Million XRP in 10 Days...Dip Buyers Emerge Amid Short-Term Decline"
Summary
- Recently, it was revealed that XRP whale investors have accumulated 280 million XRP over a span of 10 days.
- This accumulation was concentrated during a period of short-term decline from the $3.10 support level in XRP price, and it was analyzed that large investors regarded the $3.00–$3.10 range as a technical support and started buying.
- Some on-chain indicators show that both the number of new users and daily transactions are decreasing, and it was noted that an NVT ratio of 699 may signal overvaluation compared to actual usage.
Recently, XRP whale investors have reportedly accumulated as much as 280 million XRP over a span of 10 days.
According to cryptocurrency-focused media outlet Coinpaper on the 26th (local time), market analyst Vlad Hryniv stated, "From the 5th to the 15th of this month, whale wallets purchased 280 million XRP, accounting for approximately 0.56% of the total circulating supply." It was further explained that this period coincided with a short-term price crash from the $3.10 support level for XRP.
During this same period, individual investors’ liquidations amounted to $594 million, while large investors were seen to buy in the $3.00–$3.10 range, viewing this as a technical support level.
However, some on-chain indicators show a bearish trend. The media reported, "As of the 24th, the number of new XRP users decreased to 1,899, with daily transactions dropping to 286,000," and added, "The NVT ratio, which indicates the market capitalization relative to transaction volume, was 699—an indication that the asset may be overvalued compared to actual usage."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
