- Addresses with more than 100 million coins are about to hit 200.
- The MVRV ratio remains above 8% as the bag holders continue to make a profit.
The legal community debated the interpretation of the latest ruling in the lawsuit against Ripple and SEC. Meanwhile, big investors known as whales started collecting Ripple tokens again. Recent data indicated that this accumulation increased in price along with the upward trend.
– Read Ripples [XRP] Price Forecast 2023-24
Wrinkle whales intensify the accumulation
According to a recent Sanitation post, Ripple experienced a notable increase in whale accumulation. The post and accompanying chart revealed that there were currently 199 whale wallets with over 100 million coins, worth at least $74 million. This figure corresponded to the highest number of such portfolios since May 13.
Source: Sentiment
In addition, the recent rise in the value of XRP has made it the fourth largest asset by market capitalization. This increase in value coincides with ongoing discussions and speculation about a possible SEC appeal against Ripple, which has gained momentum in the financial community.
Ripple rises despite liquidations
A look at the crucial Ripple stats on Mint glass indicated a notable level of liquidation over the last 24 hours, with long positions taking the lead. Based on the liquidation chart, long positions have experienced liquidations in excess of $600,000 during this period. Despite these liquidations, the funding ratio remained positive.
At the time of writing, the weighted funding rate suggested that traders remained optimistic about XRP’s potential for further price growth. This indicated that despite recent liquidations, traders still had a prevailing feeling that the value of XRP would rise.
Is the XRP correction underway?
According to the daily timetable chart, Ripple has been on a consistent downtrend in its price since July 20, with only a brief hiatus on July 23. It has suffered a decline of more than 6% and is trading at around $0.69.
At the time of this writing, the overall cryptocurrency market was also experiencing a price drop. However, the specific case of XRP can be attributed to a price correction.
Source: TradingView
After a significant price spike, XRP remained in the overbought zone for quite some time before dropping to around 55 at the time of writing. This indicated a weakening bull trend, which coincided with the recent downtrend in price.
– Realistic or not, here is the market cap of XRP in terms of BTC
In addition, the 30-day market value to realized value ratio (MVRV) data on Santiment showed that XRP holders have held onto their coins at a profit. However, there was a sharp decline, indicating the correction the asset was currently undergoing. It was over 8% at the time of writing.
Source: Sentiment
