Ripple Sees Increased Whale Activity Despite Bear Market
Login

Ripple Sees Increased Whale Activity Despite Bear Market

Estimated Reading Time: 3 minutes

Azeez Mustapha

Updated:


Ripple (XRP) appears to be holding the $0.6000 line quite well as the broader market recovers from its recent crash. Ripple traded up by over 6% over the past 24 hours, while the overall market cap of the crypto market gained over $100 billion in the same period.

Meanwhile, Ripple whales are at it again as large blocks of XRP exchange hands in the market. Whale Alert, a blockchain analytics platform, recently reported a single XRP transaction of 26 million coins (worth about $18 million) from Binance to a private wallet. The analytics platform noted that the transaction took place last Thursday on Bithomp.

This transaction comes just two weeks after another XRP whale account moved 176 million coins (worth about $146 million at the time) to another private wallet.

These behemoth transactions come despite the prevailing bear market. Interestingly, the total number of XRP whale accounts has seen a significant increase over the past few months. According to the Q1 2021 Markets report circulated by the San Francisco-based payments solution provider, XRP accumulation spiked significantly in the first three months of 2021. In a recent report, Ripple noted that:

“The number of ‘whale’ wallets, defined as wallets with balances of at least 10M XRP, increased from 308 to 319. Similarly, the number of wallets holding between 1M and 10M coins increased from 1,125 to 1,196.”

Key Ripple Levels to Watch — June 28

Despite a broader bullish momentum, XRP remains in a rangebound bias. The seventh-largest cryptocurrency. After attempting and getting rejected from the $0.7000 psychological mark, Ripple fell into a pass-and-play momentum between $0.6000 and $0.6500.

XRPUSD – 4-Hour Chart

Nonetheless, this momentum could be indicative of the waning bearish strength in the market. That said, a clean break above the $0.6500 resistance over the coming hours could help XRP reclaim the $0.7000 level and proceed higher.

Meanwhile, our resistance levels are $0.6500, $0.7000, and $0.7500, and our support levels are $0.6000, $0.5200, and $0.4600.

Total Market Capitalization: $1.4 trillion

Ripple Market Capitalization: $29.8 billion

Ripple Dominance: 2.12%

Market Rank: #7

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News