Ripple Market Update: XRP whales are on an accumulation spree despite the token’s sluggish price action
- XRP whales have recently gone on an accumulation spree despite the token’s dismal price performance.
- To join the ranks of the wealthiest XRP whales (0.1% of all addresses), one must accrue 23,298,725 XRP.
- XRP has one of the highest levels of wealth inequality, with whales controlling over 85% of its supply.
- XRP/USD bears have re-entered the market following a brief bullish respite this Friday.
According to ledger.exposed, XRP whales have recently gone on an accumulation spree. Every “exclusive” percentage tier (from 0.01% to 1%) has seen a significant surge in the number of held tokens.
There is some serious $XRP accumulation among the largest wallets. Thanks (as always!) to @WietseWind for these stats at https://t.co/UiZDSweymA pic.twitter.com/KaTuv9hEBl
— Mark Phillips (@Mark_Phillips) June 24, 2020
To join the ranks of the wealthiest XRP whales (0.01% of the total addresses), one has to accrue 23,298,725 XRP (about $4.4 million). In the last ten months, the threshold for joining this tiniest fraction of XRP holders increased by about 64%.
Among the biggest cryptocurrencies, XRP has one of the highest levels of wealth inequality, with whales controlling over 85% of its supply. However, becoming a one-percenter is not that difficult for an XRP holder since it only takes 80,000 XRP ($14,448). Notably, ledger.exposed doesn’t take into account the tokens held by Ripple Labs in its escrow.
XRP/USD daily chart
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XRP/USD bears have re-entered the market following a bullish Friday as the price has dropped from $0.1825 to $0.1821. The price is trending below the red Ichimoku cloud, while the MACD shows sustained bearish market momentum. The Elliott Oscillator has had four straight bearish sessions of increasing intensity.
Support and Resistance
XRP/USD has strong resistance levels at $0.186, $0.19, $0.1902. (SMA 20) and $0.1967 (SMA 50). On the downside, XRP/USD has healthy support at $0.1821.
Key levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
