In the past few weeks, it has been observed that whales have accumulated a significant amount of XRP. In late June, it was discovered that whales acquired 360 million XRP during a 12% price drop between June 22 and June 28. These whales took advantage of the price decline and added $170 million worth of XRP to their wallets.
In a recent report, it was found that XRP whales have been steadily accumulating the cryptocurrency, acquiring a significant amount of 1.1 billion XRP worth approximately $570 million since February. They take advantage of price declines or consolidation periods to increase their holdings.
This accumulation by whales has historically coincided with price increases, similar to a notable rally in late 2020. The recent wave of whale stockpiling corresponded with a price rise in XRP, with the price reaching highs of $0.545 in March and sustaining an uptrend in Q2. Despite a drop in early May, the price of XRP came close to its yearly high in June.
The current price action suggests a potentially bullish pattern known as a cup and handle formation, with XRP consolidating between its daily moving averages. It also finds support from the 200MA and faces strong resistance around the $0.5450 level. Any daily candle closing above $0.05450 may indicate a strong bull run, so it is important to keep an eye on this level. According to CoinMarketCap data, the current market capitalization of XRP is around $24 billion, and it ranks 6th among cryptocurrencies.
Bank of America specifically commended Ripple for its real-time settlement services, which enhance the efficiency and transparency of cross-border payments. By utilizing its digital asset XRP, Ripple enables near-instantaneous transfers across borders, eliminating the need for intermediaries and significantly reducing transaction costs.
In the last quarter, the XRP Ledger experienced significant network activity, with one day seeing the second-highest address activity in its history. Currently, XRP is trading marginally higher at $0.47.
Recently, Bank of America acknowledged Ripple’s role in the Asia-Pacific payments sector, emphasizing the importance of blockchain technology in digitizing trade documents and highlighting Ripple’s potential in revolutionizing cross-border payments.
Ripple has already established partnerships with prominent financial institutions such as SBI Holdings, the Saudi Arabian Monetary Authority, Banco Santander, Western Union, UAE Exchange, and American Express in recent years.
All of this creates a positive sentiment toward the cryptocurrency market and attracts investors to invest in cryptocurrency. On the other hand, countries like South Korea, the UK, Uzbekistan, and others have passed cryptocurrency regulation bills to protect investors and create a positive approach toward cryptocurrency.