- Whales have started accumulating Ripple tokens again. According to the latest data, this accumulation is increasing parallel to the rising trend of the price.
- At the time of writing this article, the majority funding rate indicated that traders’ optimism about the potential price increase of XRP remained intact.
- Market Value to Realized Value (MVRV) data for the past 30 days shows that XRP holders are holding their coins profitably.
While the legal community is busy interpreting the decision in the Ripple and SEC lawsuit, whales have started accumulating XRP tokens again.
Whales Resume XRP Accumulation Activities
The legal community was busy interpreting the latest decision in the Ripple and SEC lawsuit. Meanwhile, major investors, namely whales, have started accumulating Ripple tokens again. According to the latest data, this accumulation is increasing parallel to the rising trend of the price.
According to the latest Santiment data, Ripple is experiencing a significant increase in whale accumulation. These data reveal that there are currently 199 whale wallets holding more than 100 million coins, with a minimum value of 74 million dollars. This figure corresponds to the highest number seen since May 13.
In addition, the recent increase in XRP’s value has made it the fourth largest asset based on market value. This increase in value coincides with ongoing discussions and speculations about a potential SEC appeal gaining momentum in the financial community.
Looking at critical Ripple metrics, a significant level of liquidation was observed in the past 24 hours, with long positions standing out. According to the liquidation chart, long positions were liquidated over 600,000 dollars during this period. However, despite these liquidations, the funding rate remained positive.
At the time of writing this article, the majority funding rate indicated that traders’ optimism about the potential price increase of XRP remained intact. This indicated that despite the recent liquidations, traders still held a widespread belief that XRP’s value was inclined to rise.
Is XRP Correction Continuing?
According to the daily timeframe chart, Ripple has been experiencing a continuous decline in price since July 20, with only a brief pause observed on July 23. XRP is trading at around 0.69 dollars, experiencing a decrease of more than 6%. At the time of writing this article, the overall cryptocurrency market is also experiencing a price decline. However, XRP’s situation can be attributed to a specific price correction.
After a significant price increase, XRP remained in the overbought zone around 55 for a considerable period of time at the time of writing this article. This indicates a weakening bullish trend and aligns with the recent price decline.
Furthermore, Market Value to Realized Value (MVRV) data on Santiment shows that XRP holders are holding their coins profitably. However, it also indicates a sharp decline and that the asset is currently going through a correction process. At the time of writing this article, this ratio is above 8%.
