According to Ali, a crypto analyst, large whales have been joining the XRP network since February. Santiment data reveals that 50 of these “whales,” who possess 10 million to 100 million XRP, have recently joined the network and purchased 420 million XRP, which is equivalent to $155.4 million.
XRP is currently trading at $0.383, with the daily RSI indicating a balance between bulls and bears, slightly over the neutral 50-point mark. XRP’s daily MA 200 at $0.399 is a significant resistance level, and if broken, XRP’s price could soar as high as $0.433 or even $0.50.
However, if the resistance level remains unbroken, XRP’s price may remain within a trading range before making a significant move. On the downside, support is holding at around $0.355. Additionally, there has been network growth in the number of new accounts created on the XRPL network, with 1,958 new XRPL joiners on March 19.
Despite the recent setbacks in the market due to bank failures, Ripple remains focused on building, according to Brooks Entwistle, the managing director for APAC and MENA at Ripple, who spoke at the “Policy Summit Series in the Asia Pacific” meeting in Seoul. He also mentioned a blockchain-related meeting in Africa. This article is for informational purposes only and should not be taken as investment or financial advice.