XRP’s roller-coaster ride to 7-day high and back below raises questions: what keeps Ripple whales in good spirits?
Ripple’s XRP Ledger, the blockchain behind the OG altcoin, just hit an all-time record (ATH) in millionaire whales. With more than 2.7K crypto wallets containing over 1M XRP tokens now prevailing, this milestone comes after 12 years of existence, solidifying Ripple coin’s (XRP) status as a long-term investment vehicle & means to store value.
However, Tuesday’s crypto market movement has been nothing but erratic for XRP’s price, as the cross-border altcoin tapped in $2.33 for a new weekly high before quickly retracing all of the intra-day gains. Indeed, XRP tacked along with Bitcoin’s (BTC) nosedive from $109K to $106K, sliding back to the $2.20 key support just 12 hours after achieving the 7-day high.
Ghost Rally Comes, XRP Millionaires Not Fussed?
In crypto, such immediate reversals after a sudden crypto price spike are known as either ghost rallies or bull traps. In short, the believers in the altcoin, otherwise known as crypto bulls, rush in to get a piece of the altcoin’s dip, but end up lower than their entry price or at status quo.
In contrast, the largest crypto players, popularly referred to as XRP whales, are less concerned about the short-term price implications of Ripple’s native crypto. Instead, the 2.7K wallets holding above 1M XRP showcases a belief in the long-term success of Ripple (XRP), notably due to the legal wins achieved earlier this year.
The same sentiment is echoed from retail crypto investors – the total XRP ledger crypto wallet count has grown to 7.07 million as nearly 90% of market participants now believe in Ripple ETF to launch this year.
Naturally, the positive legal headwinds in the high-profile lawsuit with the SEC fueled this confidence, with some market analysts painting a double-digit picture for XRP’s price if the adoption carries on at a similar pace.
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