At the time of the press, Ripple (XRP) is trading around $ 1.57 a day, up more than 10%. Recently, XRP reached its all-time high at $ 1.92. This is a remarkable record because from the end of 2020 to the beginning of 2021, Ripple was involved in a lawsuit with the SEC. However, this doesn’t seem to have much of an effect on the whales hoarding XRP and cryptocurrency.
Ripple whales continue to stack XRP quickly!
On-chain data shows that XRP whales are saving cryptocurrency with these prices. Many investors have expressed concerns about XRP, as the US Securities Exchange Commission (SEC) filed a lawsuit against Ripple for an unregistered securities offer in late December 2020. But a new wave of uncertainty has recently hit the crypto market, after sources close to the current Biden administration said policy makers were planning to raise taxes on investors.
In light of these developments, the cryptocurrency market has changed from “Extreme Greed” (79 points) to “Fear” (27 points) for the first time in more than a year, with a collective result measuring current emotions on the “Crypto Fear and Greed Index”. passed quickly. Even so, according to analysts, this points to higher prices in the coming weeks. Because previous data shows that prices tend to increase when social awareness is low.
According to Santiment, there is a significant increase in multi-million dollar addresses in XRP! 19 whales arrived
Similar results apply to XRP. Social sentiment regarding XRP has dropped significantly and reached its lowest level since March. And right after, XRP has seen a spike over the past few days. According to this crypto expert Selena, it could point to higher prices in the coming weeks. Previous data show that prices tend to rise frequently when social awareness is low.
XRP’s supply distribution chart shows that even though social sentiment reached a low level early last week, the buying pressure behind the coin has increased significantly in the past five days. According to Santiment, there is a significant increase in multi-million dollar addresses in XRP. As a matter of fact, the number of addresses with more than 1,000,000 XRP increased by 1.25%. About 19 new whales joined the network in such a short time.
Crypto expert: There could be billions of dollars of pumps to XRP!
The recent increase in the number of major investors behind XRP may seem insignificant at first glance. However, given these whales holding more than $ 1.4 billion in altcoin, the sudden upward pressure could turn into an increase in market value worth billions of dollars, according to crypto expert Selena.