- Ripple experienced a significant increase in whale activity during a week when its price dropped.
- Big investors accumulated over $170 million worth of tokens in the past seven days. As whales accumulated more tokens, network activity on the blockchain also increased.
- According to the data, open positions are quite stable, which means that the ongoing price trend could continue further.
XRP has shown a decline in the past 7 days, but according to the current metrics on XRP, whales continue to accumulate and interest in XRP is increasing!
Whale Activities Increasing in XRP
Ripple experienced a significant increase in whale activity during a week when its price dropped. The price of the token dropped by more than 6.5% in the past seven days. And whales saw an opportunity to increase their accumulation.
Big investors accumulated over $170 million worth of tokens in the past seven days. As whales accumulated more tokens, network activity on the blockchain also increased. For example, XRP’s daily active addresses increased last week, indicating that there are more users on the network. Network growth remained high, meaning that more new addresses were created for token transfers.
In addition, XRP’s speed was also high. Simply put, higher speed means that the token is used more frequently in transactions within a specified time period. However, interestingly, despite having more accumulation by whales, the total number of token holders remained the same last week.
Bullish Outlook in the Derivatives Market
XRP’s position in the derivatives market also looks bullish. According to Coinglass, the open position is quite stable, which means that the ongoing price trend could continue further. Demand for the token in the derivatives market is also high because the funding rate continues to remain in the green zone.
Sentiments Around XRP Improved
XRP’s social volume increased significantly last week. This development reflects the increasing popularity of the token in the cryptocurrency community.
In addition, XRP’s weighted sentiment also increased last week, indicating that positive sentiment prevailed around XRP in the market.
