Ripple Market Update: XRP whales are on an accumulation spree despite the token’s sluggish price action

XRP whales have recently gone on an accumulation spree despite the token’s dismal price performance.
To join the ranks of the wealthiest XRP whales (0.1% of all addresses), one must accrue 23,298,725 XRP.
XRP has one of the highest levels of wealth inequality, with whales controlling over 85% of its supply.
XRP/USD bears have re-entered the market following a brief bullish respite this Friday.

According to ledger.exposed, XRP whales have recently gone on an accumulation spree. Every “exclusive” percentage tier (from 0.01% to 1%) has seen a significant surge in the number of held tokens.

There is some serious $XRP accumulation among the largest wallets. Thanks (as always!) to @WietseWind for these stats at https://t.co/UiZDSweymA pic.twitter.com/KaTuv9hEBl
— Mark Phillips (@Mark_Phillips) June 24, 2020

To join the ranks of the wealthiest XRP whales (0.01% of the total addresses), one has to accrue 23,298,725 XRP (about $4.4 million). In the last ten months, the threshold for joining this tiniest fraction of XRP holders increased by about 64%.

Among the biggest cryptocurrencies, XRP has one of the highest levels of wealth inequality, with whales controlling over 85% of its supply. However, becoming a one-percenter is not that difficult for an XRP holder since it only takes 80,000 XRP ($14,448). Notably, ledger.exposed doesn’t take into account the tokens held by Ripple Labs in its escrow.

XRP/USD daily chart

XRP/USD bears have re-entered the market following a bullish Friday as the price has dropped from $0.1825 to $0.1821. The price is trending below the red Ichimoku cloud, while the MACD shows sustained bearish market momentum. The Elliott Oscillator has had four straight bearish sessions of increasing intensity.

Support and Resistance

XRP/USD has strong resistance levels at $0.186, $0.19, $0.1902. (SMA 20) and $0.1967 (SMA 50). On the downside, XRP/USD has healthy support at $0.1821.

Key levels

XRP/USD

Overview
Today last price	0.1822
Today Daily Change	-0.0003
Today Daily Change %	-0.16
Today daily open	0.1825

Trends
Daily SMA20	0.1915
Daily SMA50	0.1976
Daily SMA100	0.1931
Daily SMA200	0.2103

Levels
Previous Daily High	0.1868
Previous Daily Low	0.1784
Previous Weekly High	0.1905
Previous Weekly Low	0.1784
Previous Monthly High	0.2268
Previous Monthly Low	0.178
Daily Fibonacci 38.2%	0.1836
Daily Fibonacci 61.8%	0.1816
Daily Pivot Point S1	0.1783
Daily Pivot Point S2	0.1742
Daily Pivot Point S3	0.17
Daily Pivot Point R1	0.1867
Daily Pivot Point R2	0.1909
Daily Pivot Point R3	0.195

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