While the cryptocurrency market continues to closely monitor movements from whales, XRP Significant fluctuations on the front is happening. Although Ledger activity has stagnated compared to the previous two years, whales continue to show interest in the asset.
Latest data shows that wallets holding between 100 thousand and 100 million XRP now have a staggering $7.89 billion in assets. This figure represents an additional savings of approximately $730 million in a year, an increase compared to $7.16 billion a year ago. This accumulation, which continues even in an environment where whale activity has decreased, shows the whales’ confidence in their existence.
When we turn our attention to the price performance of XRP, the cryptocurrency is currently trading around $0.5006. A detailed analysis reveals that the altcoin recently broke below the 200 Exponential Moving Average (EMA), a technical indicator that many investors consider an important benchmark for long-term trend direction. This dip below the EMA 200 could be a bearish sign, indicating potential downward pressure on the price.
However, XRP managed to find support at the local level, precisely at $0.50. This support level can act as a cushion, preventing further declines and possibly acting as a launchpad for future rallies. Additionally, the moving averages are converging, indicating an EMA squeeze. Such a squeeze can often precede a significant price move, but the direction (up or down) remains to be seen.
As Koinfinans.com reported, the continued accumulation in the market despite the decrease in overall whale activity indicates a long-term bullish outlook for the cryptocurrency. As always, investors and traders should do their due diligence to avoid unnecessary losses.