Ripple (XRP) has consistently traded above $0.49 in the past two weeks. A deeper dive into the on-chain data shows that the XRP ledger network could experience more price gains in the coming weeks.
Following media reports of a potential victory in its ongoing Securities and Exchange Commission (SEC) lawsuit, XRP’s price surged 24% on March 20. The rally continued until March 29, reaching a 10-month peak of $0.54.
However, crypto investors raised bearish concerns after a 10% correction that saw XRP fall below $0.50 on April 3. On-chain data reveals how resurgent whales have helped hold the $0.50 support line as the ensuing Market euphoria that followed the Ripple vs. SEC victory rumor cools off.
Profit-taking XRP Whales are Back in the Game
A cohort of XRP whales booked profits as markets reacted to reports of a potential victory for Ripple in its ongoing lawsuit. But recent on-chain data shows that they have again begun to position for future gains.
According to Santiment, the cohort of crypto whales holding 1 million to 100 million balances has made a series of strategic movements in recent weeks. Following the 24% price spike on March 20, the whales promptly offloaded 420 million coins, worth $178 million, as of March 24.
As the market euphoria clears, the chart below shows that the whales have begun stacking their bags again. Between March 24 and April 10, they increased their balances by 280 million coins, priced at $140 million.
When large institutional investors start accumulating tokens during a bull rally, as observed above, it could inspire network-wide confidence.
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Author: Ibrahim Ajibade
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