In fact, at the time of writing, the altcoin was valued at $0.51, having climbed by 5% in 24 hours on the back of Bitcoin’s halving. While that is cause for optimism, on-chain data revealed that recovery could be short-lived. To assess this contention, AMBCrypto checked XRP’s supplyAccording to data from Santiment, the number of addresses holding 100 to 1 million tokens has significantly fallen from the figures seen a few weeks ago.
For example, the number of XRP holders who own 100,000 to 1 million tokens was about 31,000 in March. However, at press time, it was no longer the case. Those holding 100 to 1,000 XRPs were close to 731,000 in the past. That figure has also fallen, dropping to 718,000 at press time.A scenario like this implies that a section of the army no longer wants to be part of the force. Owing to this decreasing confidence, XRP might find it hard to revisit previous peaks around $0.72.
However, the Accumulation/Distribution rolled upwards, suggesting that traders had bought the previous dip. If buying pressure increases, and distribution fails to outpace accumulation, XRP might climb on the charts.one which could see the token drop to $0.45. Here, it’s worth noting that the Exponential Moving Average flashed a bearish signal too.This, because the 9 EMA and 20 EMA were around the same point. But XRP’s price dropped below both indicators, suggesting a further decline.
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Source: CryptoAmb - 🏆 22. / 68 Read more »