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XRP Faces Second Largest Accumulation in 5 Years

Fri, 02/18/2022 - 09:03
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Arman Shirinyan
XRP whales are stacking up amid cryptocurrency market correction
XRP Faces Second Largest Accumulation in 5 Years
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According to on-chain data provided by the Santiment analytics feed, XRP has faced its second-largest accumulation phase, with addresses that hold more than 10 million XRP grabbing almost 900 million coins.

Whales are accumulating

The largest ever accumulation appeared on the chain between November and December 2020, when whales accumulated approximately 1.3 billion XRP coins. As for the current accumulation, the increased activity from whale wallets was also followed by the biggest XRP bounce against Bitcoin.

According to TradingView, XRP has faced almost a 50% price spike in a matter of six days after the cryptocurrency market correction finally ended back at the end of January 2022.

Besides the impressive price action on the market, XRP has not reached any new highs and has been trading at January's level of $0.8. During the crypto market bullrun in April, XRP reached its current all-time high of $2.

How Ripple case affects price of XRP

While XRP itself is not an actual representation or stock of the Ripple company, the court case around the network is still affecting the price of the asset. Previously, U.Today reported that Ripple's general counsel has stated that the company will release two documents from 2012 that could confirm that XRP was not viewed as an unregistered security.

Ripple Doesn't Oppose Unsealing Legal Memos

The SEC previously stated that Ripple knowingly used the XRP cryptocurrency as an unregistered security and chose to break the law by redistributing the cryptocurrency as the company's stock among its investors.

At press time, XRP trades at $0.79 following the 13% correction after the explosive 50% growth that took place at the beginning of February.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.