Beyond the abyss! – Ripple addresses holding at least 10 million units have started accumulating again over the past last three months. These “mega whales” have indeed accumulated more than 712 million dollars in XRP tokens since December 2021. A similar scenario had preceded a big rally for the XRP/USD and XRP/BTC pairs at the end of 2020 as Ripple got into trouble with the SEC which it is playing the head of today.
Ripple’s whales emerge from the depths
Analytics firm Santimant reveals a 76% peak whale XRP addresses since December 2021. Indeed, as of February 18, 2022, they had accumulated a total of 897 million tokens, worth more than $712 million. The platform further pointed out that this accumulation of XRP was the second largest in Ripple’s history. The first build massive had taken place in November-December 2020. The whales had then deposited a total of 1.29 billion XRP on their wallets.
At the time, the peak in XRP supply in whale addresses coincided with a price rebound against bitcoin. The XRP/BTC exchange rate had indeed increased by almost 150%. It had then reached 3,502 satoshis between November 1, 2020 and November 24, 2020. XRP also strengthened against the dollar. The XRP/USD pair had actually risen more than 250% to $0.82 over the same period.
Therefore, the recent increase in the accumulation of Ripple’s whales has raised the possibility of a similar upward trend in the XRP market. Nevertheless, it is essential to mention that the massive XRP boom in November 2020 mainly came following Ripple’s decision to buy $46 million worth of XRP to “support healthy markets”.
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Ripple (XRP) false bounce spotted on sonar
The recent accumulation of Ripple by whales has appeared alongside a resumption of class these last weeks. The price of XRP rebounded from 65% at $0.91 less than three weeks after reaching $0.55 on January 22, 2022. By February 18, the price had fallen back to near $0.77, suggesting that the bulls wavered under the pressure of exponential moving average over 50 weeks.
Subsequently, XRP fell back to $0.66 on February 24, 2022. Today it is stagnating around $0.72. After breaking the symmetrical triangle on its H4 chart, the price of Ripple will not hit $1 right away.
No wonder given the current geopolitical situation, however, the unloved Ripple clearly has more than one trick up his sleeve. Yes whales accumulate as they absorb plankton, they must surely have some good reason to do so. Maybe the litigation with the SEC is about to end? In any case, Moneygram preferred to abandon Ripple (XRP) in favor of Stellar (XLM) for its international fund transfers between individuals.
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