Santiment data that was discovered by cryptocurrency researcher Ali Martinez indicates that whales have purchased around one billion XRP, which is equivalent to more than two billion dollars.
However, despite the volatility of the market, the XRP network continues to be in good health.
This is seen by the consistent rise in the number of wallets, which is an essential sign of user interest and acceptance.
According to the most recent statistics from Santiment, the number of XRP wallets has climbed by 58,000 since the beginning of the year, which represents a growth rate of 1%.
You Might Like: Bybit To Temporarily Halt Crypto Trading in India, Citing Regulations
This puts XRP in a situation where it is among the most successful cryptocurrencies in terms of acceptance, as measured by the number of individuals who possess wallets dedicated to it.
The increase in the number of wallets indicates that users and investors are looking forward to the extension of the network in the future, unfazed by the volatility in price that occur in the near term.
XRP price on verge of bull run?
There is evidence that the chart of XRP is beginning to take the shape of a “pennant” pattern, which is a configuration that is marked by fast price moves after periods of consolidation.
In many cases, these patterns indicate the possibility of breakouts. It is possible that the current period of consolidation, which is symbolized by the creation of the triangle, may come to an end before the end of the month.
According to experts, if a breakthrough does place, XRP may potentially reach price levels that are one hundred percent higher than its present value.
The resistance level at $2.50 continues to be an important hurdle. On the downside, it is important to keep an eye on the support levels located around $2.20 and $2.00.
Should the price fail to maintain its current level of $2.20, it may be necessary to revisit lower levels. On the other hand, a breakthrough over $2.50 may spark fresh positive momentum.