- XRP’s whale activity surged, with the total supply held by whales with more than $5 million standing at 55%.
Social dominance and liquidation levels paint a bullish picture.
As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed numerous bull and bear cycles. The recent surge in whale activity and social dominance surrounding XRP is reminiscent of similar trends leading up to significant price movements in the past.
As an analyst, I’ve observed that Ripple (XRP) has entered a period of consolidation starting from early August. Upon closer inspection of the daily price chart, it appears a symmetrical triangle formation has emerged.
Lately, the prices for many altcoins have seen a surge after overcoming a significant support level at around $0.519, which was established in September.
As of this writing, XRP was testing a key symmetrical triangle resistance level at $0.58.
Whale dominance in XRP supply
In the past 24 hours, there’s been a significant increase in whale transactions on Ripple. As per Santiment’s analysis, approximately 55% of the total Ripple supply is now being held by these ‘whales’, who each own over $5 million worth.
A significant focus or control by a handful of key players suggests potential volatility or dramatic price fluctuations that XRP‘s market might encounter in the coming days.
Historically, whales have significantly influenced the fluctuations of XRP‘s price, and their current strong presence indicates a crucial part they might continue to play in shaping future market trends.
Social dominance on the rise
Over the past few days, I’ve noticed a marked increase in the social dominance of XRP, which suggests heightened engagement and interest among its community members. This surge could be an indication of upcoming significant developments that might shape the crypto market landscape. The increased chatter across various social platforms serves as a barometer for potential market movements.
An increase in social activity surrounding XRP might further stimulate the market, as an influx of traders and investors become interested and engaged with it.
Examining the liquidation data provided by Coinglass, it’s apparent that XRP has a predominantly bullish trend. Approximately 559,000 XRP are accumulated at the price point of $0.5881, suggesting significant buyer demand in this area.
Read XRP’s Price Prediction 2024–2025
This favorable outlook indicates a growing belief among investors that Ripple could experience an upward trend, leading them to buy with the expectation of additional profits.
With XRP‘s market statistics showing positive trends, the blend of whale influence, social supremacy, and favorable liquidation could potentially ignite additional price movements in the coming days.
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2024-09-19 10:15