Whales start massively purchasing XRP as the new data shows the largest XRP addresses are buying the coin in an accumulation phase as we are reading more in the following Ripple XRP news below.
The development could point to a soon rising XRP price which could mean another major rally for the altcoin after the accumulation phase. Bitcoin and the rest of the altcoin market were caught in a sideways trend for a few weeks now form which the market was unable to break out of the downtrend. XRP is following the trend and recorded a price increase of 1.54% in the past 24 hours. The market capitalization increased to $8.19 billion. According to the new data analysis from Ledger.exposed by the Ripple developer Wietse Wind, some Whales start massively accumulating XRP over the past few months.
🚨 80,000,000 #XRP (14,580,710 USD) transferred from Ripple OTC Distribution wallet to unknown wallet
— Whale Alert (@whale_alert) June 26, 2020
The data shows the trend of accumulation over the past few days and weeks as the XRP investment increased among investors that hold 10 million XRP or more in their wallets. By looking at the data, it’s worth noting that 8 users are responsible for the bigger amount of more than 1 billion XRP. 8 investors own between 800 million and one billion coins which means about 300 investors own an amount of over 10 million coins. According to some opinions, the figures could indicate a new rally.
Since the start of the year, XRP was performing below its average performance compared to bitcoin and Ethereum. XRP shows a minus of 6 percent while bitcoin increased by 30% and Ethereum by 76%. Some experts such as Mati Greenspan blame the monthly sales of XRP for the current price development. However, Ripple’s CEO Brad Garlinghouse stated on multiple occasions that XRP exists separately from Ripple and that the latter has no influence on the price development of the digital asset.
Another report also confirms that the monthly sales of XRP have not shown a huge impact on the XRP price. As the latest data shows, the number of XRP holders in Japan decreased dramatically in the past 12 months while in 2018 XRP led the market dominance in Japan with a share of 51% ahead of Bitcoin.
In the meantime, the Messari CEO Ryan Selkis and Blockfyre co-founder Simon Dedic stated that the legacy coin market will change dramatically and will bring projects into the top 10 crypto assets. BTC and ETH will survive in the long run as they found a great adaptation while XRP, EOS, Litecoin, and BSV will be replaced with low market cap altcoins.
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