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Ripple Whale Accumulation Sky-Rockets, This May Fuel the XRP Price Rally Above $0.5 But After Visiting the Lows Close to $0.3!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 26, 2022

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Highlights

    The XRP whales with holdings in between 1M to 10M, now hold nearly 6% of the entire supply

    Now when it is considered as the prices may stabalize a little above $0.5, a more drop close to $0.3 appears imminent

Since the XRP price ever since dropped hard from $0.5, is finding it very difficult to hold $0.4 levels. And hence after a prolonged consolidation, the prices finally dropped below $0.4 in the early trading hours. However, if in case it fails to find support, the possibility of the price slashing below $0.33 emerges and in worst cases may also test $0.3. But wait there’s a catch!


In a recent update, whales appear to have constantly accumulating XRP tokens as they are currently available at a discounted price. And hence the holders with the holdings between 1 million to 10 million have been increased drastically in the past couple of months. 

As per the on-chain analytical platform, the XRP whales have been accumulating and currently hold the highest percentage of the asset’s supply in the past 2 months. These whales are now holding more than 6% of the entire circulating supply and hence indicate a possibility of a notable upswing ahead. 

While the XRP prices are trading with pretty less volatility and hence appear to have to accumulate strength to pull a significant leg up in the near future, however as mentioned before, the prices are very close to the lower support. Yet the possibility of a flip after a brief consolidation for another couple of days appears to be imminent

xrpprice

Therefore, the XRP price may hover within the triangle until the last few days of May and may ignite a significant upswing later. However, the initial upswing may initial secure the levels back above $0.4 in the first week of June. Further, the asset may range higher and test $0.44 where-in it may experience an interim rejection. However, after a brief consolidation, the Ripple price may be primed to a range above $0.5 again. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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