Ripple Whales Double Down on XRP Accumulation Despite Bearish Sentiment
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The report detailed that since last December, XRP addresses with 10 million coins or more (whales) have accumulated about 900 million coins, notably one of the largest accumulations in cryptocurrency whale history. This group of whales also accumulated roughly 1.29 billion coins between November and December 2021.
Santiment also revealed that a total of XRP 336 addresses hold at least 10 million coins currently. The data also explained:
“The second-largest XRP accumulation in the past five years by top-tier whales is in progress. There are currently 336 XRP Network addresses that hold 10M XRP or more. Many of these undoubtedly belong to exchanges, but this is still a notable anomaly.”
In other news, the XRP Ledger (XRPL) and RippleNet have recorded groundbreaking adoption between early 2021 and today. Ripple revealed in its Q4 report that:
“With over 20 payout markets for On-Demand Liquidity (ODL), most recently adding the Middle East, RippleNet continues to see more global demand for the product. Most notably, APAC continues to be one of the largest contributors of ODL volume on RippleNet, more than doubling in 2021.”
Key Ripple Levels to Watch — February 18
XRP, along with the broader market, continues to struggle with preserving a bullish sentiment as the sixth-largest cryptocurrency fell to the $0.7500 support yesterday. However, the cryptocurrency appears to have regained a mild bullish tone today, following a rebound off the $0.7500 base. That said, XRP still lacks the bullish coordination to post a sustained move above the $0.8000 resistance.
Moving on, the current bearish sentiment emanates from the risk-averse tone across the market from the prevailing global occurrences, indicating that we could see a bullish attempt over the weekend as other financial markets and institutions close.
Meanwhile, my resistance levels are $0.8000, $0.8250, and $0.8500, and my support levels are $0.7500, $0.7300, and $0.7000.
Total Market Capitalization: $1.81 trillion
Ripple Market Capitalization: $36.9 billion
Ripple Dominance: 2%
Market Rank: #6
