Ripple Sees Increased Whale Activity Despite Bear Market

Ripple Sees Increased Whale Activity Despite Bear Market

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

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.