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XRP whale activity soars with price retracement; Bullish trend to continue?

XRP whale activity soars with price retracement; Bullish trend to continue?

After the protracted consequences of the FTX collapse, the news of its founder’s arrest seems to have jolted the cryptocurrency market, including the XRP token, leading crypto traders and investors to wonder whether bullish trading would continue.

One of the indicators of XRP’s future price is the activity of its whales, who took advantage of the token’s recent price retracement to increase their holdings, suggesting that they could be expecting the price to increase in the near future, per a report by the crypto analytics platform Santiment published on December 13.

In addition, the report included a chart demonstrating the growth in whale activity as compared with the XRP price action. According to the chart, the supply held by whale holders (holding between 100,000 and 10 million XRP) grew from 16.7% to 18.29% in five weeks as of December 11.

XRP price versus transactions between 100,000 and 10 million. Source: Santiment

Indeed, observing that a significant price surge of the Ripple-issued decentralized finance (DeFi) asset against the rest of the markets in late September and early October was followed by a retracement, the report stated that:

“And as soon as its price started to retrace, whale addresses holding 100k to 10m XRP began to really increase their holdings in a hurry. It wouldn’t be terribly surprising for XRP to have another run in it, considering the increase in these whale addresses’ supply held went from 16.7% to 18.3% in 5 weeks.”

XRP price analysis

Meanwhile, XRP is currently recording price gains on its daily, weekly, and monthly charts, as it is trading at the price of $0.3911, increasing 4.09% on the day, 0.55% compared to the week before, and 11.40% across the previous 30 days.

XRP 7-day price chart. Source: Finbold

At the same time, the crypto community at CoinMarketCap is bullish on the price of XRP, with the collective 1,945 votes estimating it will be changing hands at an average price of $0.4118 by December 31, 2022, although the machine-based algorithm has reduced its previous predictions from $0.4155 to $0.3696.

Presumably, the price of XRP could also be affected by the results of the court case that the United States Securities and Exchange Commission (SEC) is fighting against the XRP issuer Ripple, which is rumored to be ready by December 15.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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