XRP price has maintained a positive start to Q2 2023. Having fiercely defended the $0.50 support for the first half of April, can the reinvigorated whales and long-term holders push the rally above $0.60?

On April 13, the Ripple (XRP) team announced the launch of its institutional Crypto Liquidity Hub. The move could see XRP capitalize on its recent price gains as institutional traders turn to the hub for their cross-chain liquidity and cross-border payments solutions. 

On-chain data reveals that the positive price performance and product updates have appeared to have buoyed the confidence of crypto whales and long-term XRP holders. 

XRP Whales Have Started Buying Again

Following the sell-off that followed the XRP price spike on March 21, crypto whales appear to have begun accumulating again. 

The Santiment chart below shows that crypto whales holding 10 million to 100 million XRP have added 30 million coins between March 24 and April 14. 

The newly added 350 million are worth $182 million at current market value. When whales invest significant sums within a short period, it drives up demand and inspires confidence among other investors.

Similarly, the recent accumulation wave observed among long-term XRP holders is another critical bullish signal. 

According to Santiment, Mean Coin Age on the XRP ledger network has entered an uptrend in recent weeks. After a ne

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Author: Ibrahim Ajibade

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