Ali, a crypto analyst, has reported massive whales joining the XRP network since February. According to him, 50 "whales," or large holders, who own 10 million to 100 million XRP, recently joined the network.
He further adds that this class of investors has bought 420 million XRP worth $155.4 million in recent weeks, according to Santiment data.
Over the past month, ~50 whales holding 10 million to 100 million $XRP have joined the #Ripple network.— Ali (@ali_charts) March 19, 2023
These large investors have purchased around 420 million #XRP, worth $155.4 million, shows data from @santimentfeed. pic.twitter.com/6L3gBwbdiW
At the time of writing, XRP has increased slightly over the previous day to $0.383. The daily RSI indicates a balance between bulls and bears because it is only slightly over the neutral 50-point mark.
A significant barrier level for XRP on the upside is the daily MA 200, or $0.399. On March 19, XRP briefly climbed over this level, reaching highs of $0.401, but bulls were unable to maintain the rise.
If XRP makes a strong move above this important threshold, it might reach as high as $0.433, or possibly $0.50. But, if the $0.399 barrier is not broken, the XRP price may trade in a range before making a substantial move. On the other side, support appears to be accumulating around $0.355 to halt potential declines.
New users join XRPL network
XRP is seeing clear network growth, as evidenced in the number of new accounts created on the XRPL network. According to data posted by the XRP validator website, rippleitin, there were 1,958 new XRPL joiners on March 19.
2/ Last Wednesday, I was in Seoul with our APAC #policy stalwart @radvanisg to kick off our Policy Summit Series in Asia Pacific. We discussed the regulatory road ahead for #blockchain and #crypto in South Korea. Suffice to say there's lots of policy developments going on there!— Brooks Entwistle (@BrooksEntwistle) March 20, 2023
In related news, managing director for APAC and MENA at Ripple, Brooks Entwistle, says Ripple remains focused on building, despite the setbacks in the market due to recent bank failures.
Entwistle mentioned a meeting in Seoul, the "Policy Summit Series in the Asia Pacific," where Ripple discussed the regulatory road ahead for blockchain and crypto in South Korea. He also speaks of a blockchain-related meeting in Africa.