XRP News Today: XRP Drops 1.3% to $2.17 Amid Whale Accumulation

XRP, the cryptocurrency associated with Ripple, has seen a notable shift in its market dynamics. The price of XRP has dipped to $2.17, marking a 1.3% decrease over the past 24 hours. This price movement comes amidst a broader trend of increased activity and interest in the cryptocurrency market, particularly among altcoins. Despite the price slip, the number of wallets holding over 1 million XRP has reached an all-time high of 2,850, indicating substantial interest and confidence in XRP among large investors.

The Relative Strength Index (RSI) currently stands at 43.88, which is below the neutral 50 level, suggesting slightly bearish momentum. The Awesome Oscillator (AO) is showing a mildly positive reading of 0.06753, fluctuating near the zero line, which points to the absence of a clear trend. While positive bars signal short-term upward moves, the size and consistency of the histogram do not support a strong bullish case. These indicators reflect weak momentum and a lack of trend direction, suggesting that the asset is seeing cautious momentum.

The growth in XRP holdings among larger wallets is a significant development. Wallets with more than 10,000 XRP have also grown by about 6.2% year-to-date, now totaling around 306,000. This trend reflects steady interest from larger holders, even as price movements remain limited. Some traders have raised questions about XRP leaving exchanges, but it is important to note that coins leaving exchanges do not necessarily translate to purchases. Actual buy and sell transactions can only be confirmed through tick trade data and order books.

John Deaton, an attorney known for his role in the SEC vs. Ripple case, addressed claims about the token's decentralization. He responded to concerns about Ripple holding 40% of the XRP supply, saying it doesn’t automatically mean centralization. Deaton emphasized global usage, pointing out that over 75,000 holders from 140 countries supported his amicus motion against the SEC. This highlights the global distribution of XRP holders and the legal support for the token, which challenges claims of centralization.

Despite the price slip, the ATH in whale holdings indicates that there is still substantial interest and confidence in XRP among large investors. This could be a sign that the bullish momentum may continue, despite the current price dip. The recent price slip to $2.17 could be seen as a buying opportunity for investors who are looking to enter the market or increase their holdings in XRP. However, it is important to note that the cryptocurrency market is highly volatile, and price movements can be unpredictable. Investors should exercise caution and conduct thorough research before making any investment decisions.