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XRP Sees Huge Accumulations as ‘Mega Whales’ Hold More Units

Gaurav Roy by Gaurav Roy
February 22, 2022
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The addresses holding over 10 million units of Ripple XRP are returning. In the last three months, the holders of massive amounts of native units have returned and continue to accumulate and hold more of the digital token. A similar scenario was seen before the big rally of the XRP/USD and XRP/BTC pairs at the end of 2020.

Since December 2021, there was a 76% spike in XRP ‘mega whale’ address, as noted by Santiment, an analytic firm. These whales reportedly hold about 897 million XRP tokens, worth over $712 million today.

XRP Sees Huge Accumulations as 'Mega Whales' Hold More Units

The analytic firm added that this is the second time this has happened in the token’s history. The first instance where this massive accumulation happened was in November-December 2020. 1.29 billion units of XRP were deposited to mega whale addresses at the time. 

Coincidentally, the spike in XRP supply into these mega whale addresses coincided with the price bounce against Bitcoin. The exchange rate for XRP/BTC at this time was noted to have surged by nearly 150%, as high as 3,502 ‘satoshis’ in November 2020. XRP/USD also rallied by more than 250% in the same period.

XRP Sees Huge Accumulations as 'Mega Whales' Hold More Units

Santiment hinted that this increase in the whale-led accumulation raises the possibility of a similar upside trend for the XRP. However, it should be noted that the November 2020 boom was preceded by Ripple’s move to buy $46 million worth of XRP to support healthy markets.

Recently, XRP’s price rebounded by 65% to $0.91, three weeks after its yearly low of $0.55 in late January 2022. However, bulls were seen to have reeled under the pressure of the 50-week exponential moving average, and the XRP price settled down to $0.77. 

Several predictions for the coin suggest its imminent rally to $1.00. This observation was taken from XRP’s chart, Aside from this, the community is paying close attention to the SEC v. Ripple lawsuit, and if the blockchain wins, the price of XRP will likely surge.

gaurav roy xrp news | XRP & Ripple News
Gaurav Roy
Tags: XRP coin basexrp newsxrp news predictionXRP predictionXRP price
Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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