XRP Price Stable Despite Increased Whale Activity and Exchange Outflow
XRP, a popular cryptocurrency, is seeing increased accumulation by whales (large investors) and a decline in supply on exchanges. According to Santiment data, 20 new whales have accumulated between 1-10 million XRP tokens in the past 30 days, bringing the total number of such whale wallets to 1,583. Additionally, there has been a significant surge in whale transactions worth at least $100,000, with a 208% increase in the past day. Despite this increased activity, the XRP price has remained relatively stable, currently trading at $0.478 with a market cap of $26.6 billion.
The daily trading volume has seen a 42% increase, reaching $770 million. While there has been an increase in XRP exchange inflow, suggesting profit-taking by investors, the outflow of XRP from exchanges has surged by 564%, indicating accumulation by new holders. The XRP supply on exchanges has been consistently declining since January 30, with only 2.82 million tokens currently on exchanges. The Relative Strength Index (RSI) suggests that the XRP price is not overheated, potentially indicating a future price increase.