News

Why is Ripple XRP Whales Accumulating More Tokens?

As Ripple XPR continues to experience a more volatile market than usual, XRP whales seem to use this opportunity to acquire more tokens. 

The main reason for this significant volume in the past week is the anticipation for a potential massive breakout in the coin’s market value. XRP seems to continue its consolidating pattern between two crucial trend lines. XRP whales expect that the breakout from these trend lines will bring significant gains in the future. 

XRP analysts found a symmetrical triangle, forecasting a 46% move upwards by calculating the distance between the first swing high and swing low. 

Why is Ripple XRP Whales Accumulating More Tokens
Investors expect a 46% move upwards.

XRP analysts expect XRP prices to reach $1.24, while a potential bearish breakout could bring XRP prices down to $0.362. 

Mega whales supported this theory as the XRP distribution chart showed whales holding an estimated 10 million tokens between February 6, 2022, and February 22, 2022. 

There was a 6.3% increase in their investment interest, signalling a potential increase in the coin’s price in the future.

Why is Ripple XRP Whales Accumulating More Tokens
XRP market saw significant market activity among mega whales.

Despite these positive sentiments in the market, investors and traders should still be wary of potential declines amidst significant current events in Ripple. 

Traders and investors should see this as an opportunity to acquire more digital assets at a discounted price. 

Overall, investors and traders must also consider XRP’s declining market performance over the last month. The question still lies in whether investors would see a reversal or whether the coin would continue to lose its value. 

Show More

Gaurav Roy

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

Leave a Reply

Your email address will not be published.

Back to top button