- The number of XRP whales holding 10 million or more coins saw a 10% increment in 3 weeks
- 31 new whales joined this category of investors bringing the total to 339
- The accumulation was due to the Flare Networks snapshot
- The snapshot was successfully carried out earlier today with the event marked on the ledger
- XRP is still trading above the $0.50 support zone
The number of XRP whales that own 10 million or more coins saw a 10% increment in the last three weeks. According to on-chain data from the team at Santiment, 31 new whales joined the category of investors owning 10 million or more XRP. This brings the total to 339 with the accumulation being due to the Flare Networks snapshot that took place earlier today.
The team at Santiment shared their observation via the following tweet and accompanying chart demonstrating the increment in XRP whales.
🐳 Leading up to tomorrow's $SPARK airdrop, #Ripple's addresses have grown rapidly. Particularly, addresses with 10M or more tokens (currently $5.67M or more) have risen to an ATH # of 339. This looks promising for the tier that has the most $XRP at stake. https://t.co/x7TV1Pt23n pic.twitter.com/iw9Oc6U87o
— Santiment (@santimentfeed) December 11, 2020
Flare Networks Snapshot Went on Smoothly
The Flare Networks snapshot earlier today was a success with the event captured on the XRP ledger under index 60,166,580. Below is a screenshot of the ledger index of the snapshot courtesy of XRPScan.com.
XRP Maintains its Value Above $0.50
Prior to the Flare Networks snapshot, it had been observed that the funding of XRP perpetual contracts on the majority of the crypto exchanges, was extremely negative as many traders were expecting the remittance coin to dump soon after the event. The negative funding rate had also led to a theory of a possible short squeeze for XRP that did not materialize.
However, XRP is still holding its own above the $0.50 psychological support and is currently trading at $0.53 as the weekend kicks into high gear.
On a macro level, XRP is still in a corrective phase after posting a 2-year high of $0.78 – Binance rate – due to the hype surrounding the Flare Networks snapshot. Moving forward, if $0.50 is broken, XRP could find adequate support at the levels around $0.48, $0.45, $0.42 and $0.40.