Despite persistent declines, XRP has managed to reclaim the $0.45 level with a mission to establish a comfortable position above the price territory.
XRP has not escaped the prevailing market-wide bloodbath, shedding off over 12% of its value in the past week. However, whale and shark addresses have sustained their accumulation campaign, looking to augment their bags by procuring the asset at a discounted rate during the dip.
Data from Santiment, a crypto behavior analytics resource, suggests that whale addresses holding between 1 million and 10 million XRP tokens have particularly embarked on an accumulation spree since April 19 as XRP plummeted below the $0.52 price mark.
These addresses have continued to increase their XRP holdings since then, with a marked surge in accumulation observed between yesterday and today. Due to this sustained accumulation, these whale addresses now collectively hold 3.9 billion XRP valued at $1.78 billion. This represents their largest cumulative balance in over a month.
The Santiment chart also indicates an accumulation trend noticed with shark addresses (holding 1,000 to 10,000 XRP and 10,000 to 100,000 XRP). Despite a slight slowdown in this pattern, these addresses have been augmenting their XRP holdings since late March at a gradual pace. Addresses holding 10,000 to 100,000 XRP now have a cumulative balance of 6.38 billion XRP worth $2.9 million.
Moreover, XRP’s daily active address count saw a rapid surge to 25,409 on April 23 immediately after the asset reclaimed the $0.47 price point. This can be attributed to an increase in network activity, as investors sought to leverage the price increase in hopes of a sustained rally.
XRP Reclaims $0.45
Following a massive drop from the $0.47 level, XRP has finally reclaimed $0.45, currently trading for $0.4545 with a decline of 1% in the past 24 hours. The asset is looking to capture the first crucial resistance point sitting at $0.47 on its ultimate journey to tower over the $0.50 territory.
If this accumulation pattern observed among shark and whale addresses gains more momentum, XRP could receive enough support on its path to recovery. Per information from Kaiko, the previous rally which skyrocketed XRP to $0.57 was propelled by demand pumped into the asset by retail investors.
Source: https://thecryptobasic.com/2023/04/25/xrp-whale-accumulation-on-the-rise-could-this-trigger-a-recovery/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-whale-accumulation-on-the-rise-could-this-trigger-a-recovery