- Ripple has recently seen a rise in whale and shark activity
- However, XRP has seen a downward trend in the price in recent weeks
the legal battle between ripple [XRP] And the SEC seems to be going on forever. However, this does not seem to prevent whale sharks from acquiring XRP.
Recent statistics show that the accumulation of XRP has been on an upward trend recently. What would have sparked this interest and what is the current stake?
Read Ripple (XRP) price predictions for 2022-2023
Sharks and whales increase the accumulation
An increase in XRP accumulation has been seen with whale shark addresses in the range of 1 million to 10 million, data from S.antiment detection.
The cool thing about this backlog is that the token has never been at its current level before. As of press time, the total number of addresses has risen to 1,614, which is an increase from 1,500 in November.
Source: feeling
Additionally, these whale sharks and sharks titles account for 7.2% of shipments in their holdings. In keeping with the title level statistics, viewership was also at an all-time high.
This actually indicates that December was the month with the largest accumulation of whale sharks. However, what could be responsible for this development?
Source: feeling
Increases and decreases in the accumulation of sharks and whales can be seen on both charts. Additionally, this correlation could be related to the ongoing XRP price trajectory. It can be seen that when prices fell, these levels of addresses were presented with an accumulation opportunity.
The current price of XRP in December was a huge opportunity given the high accumulation potential offered by the low price.
Look at XRP on the charts
The volume indicator revealed that selling pressure was prevalent in December when looking at the move in XRP The price is in a daily time frame.
In addition, this caused the price of the asset to drop. The asset is down more than 2% throughout the observation period and was trading at around $0.34 at the time of writing.
Source: TradingView
A resistance level is seen for the asset with the short moving average (yellow line) above the price and the long moving average (blue line). The death cross – the yellow line that drops below the blue line – can also be seen from the daily time frame as something about to happen.
The price may fall further due to the crossover, which indicates the beginning of a downtrend.
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365 days MVRV
Investors have held onto XRP at a loss, according to data on how much they have earned over the past 365 days. The market value to realized value (MVRV) ratio indicated a loss of 26.11% up to this point. In doing so, I provided proof of the above fact.
Source: feeling
Despite the apparent decline in prices and losses made, these sharks and whales have held steady plural, apparently betting on an increase in the future. Given the historical price action of the asset and the current downtrend, investors at the current price can gain approximately 60% on an uptrend.