XRP hits a 2-month high in supply held, should you buy it?
- The number of XRP whales holding between 1M and 10M coins increased to a 2-month high.
- In fact, according to data from Santiment feed, it reached 6.12%.
- There is interest in the XRP cryptocurrency, and this could lead to an increase in its overall value.
XRP XRP/USD is a digital asset that is purpose-built to facilitate payments.
It offers financial institutions a quick and reliable way through which they can source liquidity on demand.
XRP as a cryptocurrency runs on top of the XRP Leder, which is a blockchain network that’s aimed at providing a convenient way through which people can transact globally with low costs and high reliability.
The Whale increase as a catalyst for growthCopy link to section
On March 18, 2022, we covered how 1 billion XRP was allocated for developer grants.
On May 25, 2022, Sentiment feed ended up reporting that the XRP Network’s whales that hold between 1 million and 10 million in XRP have collectively been accumulating.
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They now hold their highest percentage of the asset’s supply in 2 months.
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This is, in fact, the most active tier of non-exchange holders that currently hold 6.12% of all XRP cryptocurrencies.
Due to the fact that this is a non-exchange tier, it is clear that many investors are buying these assets for holding purposes.
This has led to many speculating as to why this has been the case, and it could be due to the ongoing XRP price movements.
In the last 24 hours, the trading volume of the cryptocurrency has also seen an increase of 21%.
We will be going over the historical performance of the cryptocurrency to see how far it has come.
Should you buy XRP (XRP)?Copy link to section
On May 27, 2022, XRP (XRP) had a value of $0.38785.
In order for us to see what this value point actually represents for the XRP cryptocurrency, we will be going over its all-time high point of value alongside its performance throughout the previous month.
The all-time high of XRP (XRP) was on January 7, 2018, when the cryptocurrency reached a value of $3.40. This means that at its ATH, the token was $3.01215 higher in value or by 776%.
When we go over the performance of the token in April, XRP (XRP) had its highest point of value on April 2 at $0.8486.
Its lowest point of value was on April 29 at $0.6047.
Here we can see that the token decreased in value by $0.2439 or by 28%.
With this in mind, at $0.38785, XRP (XRP) is at a solid price point for entry for new investors, as it can increase in value to $0.8 by the end of June 2022.