XRP news last week revealed a substantial surge in open interest, which signaled growing appeal for the Ripple ledger- native cryptocurrency. This was around the same time that the market registered a pulse after weeks of sideways ranging price action.
The latest XRP news revealed some key details regarding accumulation. Fresh Santiment data disclosed how different classes of holders have been handling the XRP crypto.
The most noteworthy XRP news concerned retail holders. Addresses holding less than 100 XRP coins maintained a steady upside for more than 12 months and have just clocked a new high at 5.66 million addresses.
XRP news reveals XRP holder data/ source: Santiment
The data also revealed that XRP holders with 100 to 100,000 XRP also maintained a steady uptrend. Addresses in this category exceeded 2 million wallets.
Addresses with over 100,000 XRP were more noteworthy. This is because they dropped off considerably over the last few months, whereas their retail counterparts saw their count go up.
More than 33,000 addresses held over 100,000 XRP in July last year. That figure has cooled to just over 32,000 addresses, according to the latest data.
Although retail holders have been accumulating, whales and institutional flows flatlined. Exchange reserves painted an even more gloomy picture.
According to CryptoQuant, XRP reserves registered a substantial uptick in the last few weeks. To be precise, exchange reserves grew by roughly 240,000 XRP from their lowest level in February to their recent high.
XRP news reveal rising exchange reserves/ source: CryptoQuant
The inflows into exchanges over the last few weeks pushed to levels last seen in November last year. Despite this, the cryptocurrency maintained a sideways trend, indicating that seller exhaustion had taken over.
The extended trend (exchange inflows) led to some interesting dynamics. It basically put a cap on XRP’s upside potential. Moreover, the fact that XRP’s institutional holders have not been reaccumulating at recent lows may explain why the cryptocurrency has not really bounced back strongly.
Top coins such as Bitcoin and Ethereum experienced a noteworthy uptick in the first 2 weeks of March. While XRP price also rallied by roughly 15%, it was unable to push past its 6-week resistance.
XRP price reached $1.60, but has since retreated to $1.39 at press time. This means it has completely given up all its gains in the first half of March and is now back within the aforementioned range.
XRP price action/ source: TradingView
The reversion to the downside also reflected the XRP ETF flows, especially in the second week of March, which were mostly negative. This past week also saw some inflows, but they remained quite subdued.
The XRP ETF flows reflected the weak institutional demand observed previously. Despite these findings, the RSI remained relatively elevated. This suggests that recent retail accumulation has somewhat propped up XRP price.
Nevertheless, weak whale and institutional demand signals heightened the risk of a capitulation if market conditions weaken further. Analysts are keeping an eye on XRP crypto and demand for the Ripple ledger as March approaches its tail end.
Macro factors have yet to offer a clear sign of strong accumulation, but that may change in April. The recent regulatory wins may boost market confidence in the coming weeks.
The post XRP News: Retail Investment Into XRP Reaches Historic Levels At 5.66 Million Addresses appeared first on The Coin Republic.


