XRP Whales Mark the Second Largest Accumulation in 5 Years 

According to Santiment data, XRP is now experiencing its second-largest accumulation phase. Addresses with more than 10 million XRP receive over 900 million coins. Meanwhile, yesterday’s effort to break over $0.85 was thwarted by sellers, who sent the market back into a decline. XRP is currently trading at $0.794 at the time of writing.

Whales are Accumulating XRP

Around 1.3 billion XRP coins were accumulated by whales between November and December 2020, the largest ever accumulation on the chain. The most significant XRP bounce against Bitcoin has also been followed by increased activity from whale wallets regarding the current accumulation.

After the cryptocurrency market correction ended at the end of January 2022, the price of XRP spiked by a little over 50% in just six days, according to TradingView.

Even with the impressive price movement on the market, XRP hasn’t reached new highs and is currently trading at its January level of $0.8. Notably, XRP reached its current all-time high of $2 during April’s crypto market bull run.

XRP Still Far from its High

For the second session in a row, the price of Ripple (XRP) has fallen. XRP had repeated price rejections along the falling trend line from the November 10 highs. Furthermore, XRP price movement has experienced a downward trend from its swing highs of $0.91 on February 9.

The pair continues to retrace lower after logging a single-day gain on February 7, as seen on the daily chart. The declining trend line from the $1.34 highs serves as a solid barrier for XRP bulls. Before aiming for higher levels of support, Ripple is looking for crucial levels of support.

Near the ‘death cross’ at $0.95, selling pressure intensified, resulting in a 40% decline. Within a few weeks after consolidating, the XRP price broke above its 50-day Simple Moving Average (SMA) at $0.74, registering a growth of 55%.

If a bullish sentiment rises, XRP bulls are likely to aim for the $0.91 highs reached on February 9. If buyer pressure returns, XRP will penetrate the bearish sloping line, taking out the psychological level of $1.0.

Ripple Lawsuit Contribution to XRP Price

Ripple has been bearish due to the SEC lawsuit, which has weighed on mood. Hence it has resulted in lower XRP highs since May last year, while the rest of the market has continued to make new highs until November.

However, there were some excellent outcomes earlier this month. One of the lawsuit’s judges granted Ripple permission to respond to the SEC’s Memorandum of Law to offer its fair notice defense, potentially tilting the case in Ripple’s favor.

The Crypto Market is Tumbling

The global crypto market cap is $1.86 trillion, a 4.22 percent decrease from the previous day. The total crypto market volume in the last 24 hours has increased by 7.45 percent to $81.62 billion. 

The most valuable cryptocurrency, Bitcoin, is leading the decline, down 6% from yesterday to $40,893. Its price fell further after failing to hold above the $43,180 support level. After trading below the $42,500 support line, BTC has entered a negative zone. The drop accelerated below $42,000 and the 100 hourly simple moving average. 

Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a strong bullish trend line with support at $43,600. The pair even broke through the $40,500 support level, trading as low as $40,100.

The price of Ethereum failed to remain above the $3,000 support zone and continued to decline. ETH has stayed below $3,000 and has broken through the $2,950 support zone. The drop accelerated below $2,900 and the 100 hourly simple moving average. The price is presently trading at 2,893.62, down 5% from yesterday.