[Why are people still adding to their XRP positions during a 30% plunge?]
The number of large XRP wallets has actually increased even as the token's price plunged 30%.
According to Santiment, the number of wallets holding at least 10,000 XRP has fallen by about 30% over the past seven weeks, but the total number of large wallets is rising. This is seen as a sign of accumulation, as the $1 price level is being defended.
Impact on the market
- Short term: Accumulation by large wallets may indicate buying support at lower levels, but XRP remains affected by overall market sentiment in the short term, with $1.05 serving as a key support level.
- Medium term: The industry landscape has changed little, and the regulatory outlook remains unclear.
My take
This “buying as the price falls” behavior suggests growing disagreement in the market, but XRP is still likely to trade around $1 in the short term. The buying by large wallets seems more like a wait-and-see approach than a clear bullish signal. Go easy on me if I'm wrong—I’m only trying it with a small position myself.
$BTC $ETH #BTC #ETH
⚠️ This is not investment advice
$XRP
The number of large XRP wallets has actually increased even as the token's price plunged 30%.
According to Santiment, the number of wallets holding at least 10,000 XRP has fallen by about 30% over the past seven weeks, but the total number of large wallets is rising. This is seen as a sign of accumulation, as the $1 price level is being defended.
Impact on the market
- Short term: Accumulation by large wallets may indicate buying support at lower levels, but XRP remains affected by overall market sentiment in the short term, with $1.05 serving as a key support level.
- Medium term: The industry landscape has changed little, and the regulatory outlook remains unclear.
My take
This “buying as the price falls” behavior suggests growing disagreement in the market, but XRP is still likely to trade around $1 in the short term. The buying by large wallets seems more like a wait-and-see approach than a clear bullish signal. Go easy on me if I'm wrong—I’m only trying it with a small position myself.
$BTC $ETH #BTC #ETH
⚠️ This is not investment advice
$XRP
