Ripple (XRP) Price has consolidated around the $0.50 territory since September 1, but media rumors and key on-chain indicators now suggest an imminent rally. On-chain analysis explores the merits behind rumors that Blackrock is integrating XRP in its crypto expansion strategy.
Ripple’s (XRP) price hit a 2023 peak of $0.83 in July 2023 after it scored a landmark victory over the US Securities and Exchange Commission (SEC). The victory allowed many long-term holders to exit at favorable prices.
However, recent social media comments have raised rumors that Blackrock (NYSE: BLK), the world’s largest asset manager with over $9 trillion under management, could consider including XRP in its crypto expansion move.
On-chain data trends have revealed vital data points that could fuel this speculation.
Whales Load up 690 Million XRP in Two Months
After a two-month-long profit-taking frenzy, XRP price has now shed 40% from the $0.83 peak recorded on July 13. But interestingly, on-chain data reveals that a cluster of crypto whales promptly returned to accumulation mode XRP once the price slid below $0.70 towards the end of July.
As depicted in the chart below, the whale investors holding 1 million to 100 million coins added their 690 million XRP to their cumulative balances between July 30 and September 15.
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Author: Ibrahim Ajibade