XRP trades above $0.60, Ripple whales shed token holdings
- Ripple whales holding between 1 million and 10 million XRP tokens slightly decreased their holdings between August 22 and 23.
- XRP retail traders holding less than 1,000 tokens accumulated the asset, while whales dropped their assets.
- XRP hovers around $0.60 at the time of writing, likely to extend gains by nearly 10%.
Ripple (XRP) trades close to $0.60, a key psychological level for the altcoin. Ripple whales shed their holdings while retail investors accumulate the altcoin.
The cross border payment remittance firm recently announced its annual flagship event, Swell 2024, is scheduled to occur between October 15 and 16 in Miami, Florida.
Daily digest market movers: Ripple whale holdings slightly dip, retail traders scoop up XRP
- On-chain data intelligence tracker Santiment shows that Ripple whale wallets holding between 1 million and 10 million XRP tokens have shed their assets slightly between August 22 and 23.
- In the same time frame, wallets holding less than 1,000 tokens accumulated the altcoin, per Santiment data.
 [22.01.49, 23 Aug, 2024]-638600318363580906.png)
XRP supply distribution
- Typically, when whales distribute their holdings, it increases selling pressure on the asset. However retail traders are scooping up XRP, per on-chain data.
- Ripple announced its annual flagship Swell 2024 event. The event is scheduled for October 15 and 16, 2024.
Introducing the (incredible!) speaker lineup for Ripple Swell 2024 -- we're bringing together some of the most influential voices in blockchain, fintech and payments including:
— Ripple (@Ripple) August 21, 2024
Brad Garlinghouse, CEO, @Ripple
Superintendent Adrienne Harris, @NYDFS
Sheila Bair, Former… pic.twitter.com/wuhHKbziGp
Technical analysis: XRP could extend gains by nearly 10%
Ripple trades at $0.6010 at the time of writing. The altcoin is likely to extend gains by nearly 10% and hit $0.6602, the 50% Fibonacci retracement of the decline from the July 13 peak at $0.9380 to the July 5 low of $0.3823.
The Moving Average Convergence Divergence (MACD) indicator shows that there is underlying positive momentum in the XRP price trend.
XRP/USDT daily chart
XRP could find support in the Fair Value Gap (FVG) between $0.5845 and $0.5875, seen in the XRP/USDT chart above.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
