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420 Million XRP Bought by Massive Whales as Price Braces for Next Move

Mon, 03/20/2023 - 10:36
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Tomiwabold Olajide
XRP has increased slightly over previous day to $0.383
420 Million XRP Bought by Massive Whales as Price Braces for Next Move
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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.

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.

XRP Gears Up for Significant Move, Here Are Two Positive Triggers to Watch

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.

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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.