XRP sees increased accumulation, supply on exchanges declines

As a researcher with experience in analyzing cryptocurrency market trends, I find the recent on-chain data for XRP quite intriguing. According to the data from Santiment, the accumulation of XRP by whales has been increasing while the number of tokens on exchanges continues to decline. This trend is further supported by the surge in whale transactions and the significant increase in daily trading volume.

As a crypto investor closely monitoring the XRP market, I’ve noticed an intriguing trend in recent on-chain data. The amount of XRP being held in wallets and off exchanges has been steadily increasing, while the number of XRP tokens residing on exchanges continues to decrease. This could be a potential sign of accumulation by investors or whales, as they may be moving their XRP holdings away from exchanges for safekeeping. However, it’s essential to remember that this observation does not guarantee future price movements or market outcomes. Always do your own research and consider multiple perspectives before making any investment decisions.

Based on information from Santiment, approximately 20 new whale wallets have acquired between one and ten million XRP tokens within the last thirty days. Presently, a total of 1,583 such wallets exist.

XRP sees increased accumulation, supply on exchanges declines

As a crypto investor, I’ve noticed an intriguing increase in significant XRP transactions based on data from a reputable market intelligence platform. Specifically, there was a whopping 208% surge in the number of whale transactions worth over $100,000 within the last day. This translates to a jump from 159 to an impressive 489 unique transactions.

In spite of heightened whale interactions, XRP‘s price remains stable. XRP has experienced a minimal rise of 0.4% in the last 24 hours and is priced at $0.478 presently. The market capitalization for this asset is reportedly $26.6 billion.

Moreover, the daily XRP trading volume recorded a 42% surge, reaching $770 million.

According to Santiment’s data, there was a significant increase in the inflow of XRP tokens into exchanges, which went from 58.66 million to 76 million over the past day. Conversely, there was a massive surge in the outflow of XRP coins from exchanges, jumping by 564% – from 11.01 million to 73.14 million tokens within the same timeframe.

As a researcher studying the trends in XRP‘s cryptocurrency market, I have noticed an intriguing development: while there has been a 30% increase in the inflow of XRP exchanges, which could be indicative of investors cashing out their profits, the surge in exchange outflow is noteworthy. This rise in outflow implies that new investors are actively accumulating XRP.

Furthermore, the quantity of XRP held on exchanges, including both centralized and decentralized platforms, has decreased noticeably since January 30th. As per Santiment’s data, approximately 2.82 million XRP tokens are currently residing on these trading venues.

The XRP RSI reading of 43 implies the XRP price isn’t excessively high, making it a likely candidate for price growth.

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2024-07-02 10:14