29.11.2020

Increment of XRP Holders Could be Due to the Flare Networks Snapshot

One reason that could be behind the accumulation of XRP is the Flare Networks snapshot event on the 12th of December at 0:00 UTC. The snapshot will be used to determine which addresses will receive the Spark tokens airdrop that is yet to be announced.

The team at Flare Networks has thus advised XRP investors and traders to move their digital assets to a crypto exchange or wallet Jaxx online that supports the snapshot event. (A full list can be found on the Flare Networks website.)

XRP investors are also cautioned against sending their digital assets to random platforms or individuals who claim to be part of the event.

Quick take:

  • XRP holders are once again accumulating the remittance coin
  • The number of addresses holding between 10 and 1 million XRP has hit a new all-time high
  • XRP is consolidating above $0.27 as investors prepare for the Flare Networks snapshot
  • 2021 could be an interesting year for XRP in the crypto markets

XRP investors are once again accumulating the digital asset. According to on-chain data from the team at Santiment, the number of addresses holding between 10 and 1 million XRP, has hit a new all-time high. The team shared their observation via the following tweet that also highlighted that XRP was one of the few digital assets exhibiting impressive gains in the crypto markets.

$XRP has had an impressive +8.4% week, and it’s currently the #1 rising asset in discussion rate on #crypto platforms. The rise of holders with coins containing large amounts of $XRP has been very apparent, as addresses with 10-1M tokens are at new ATH’s. https://t.co/IMGAtsz2hf pic.twitter.com/n9X3nHRVDj

— Santiment (@santimentfeed) November 15, 2020

XRP Continues to Consolidate above $0.27

In an earlier analysis, it was noted that XRP had comfortably recaptured the $0.25 and $0.26 price areas as zones of support. XRP is currently consolidating at $0.27 in a move that could foreshadow an attempt to break the $0.30 price ceiling in the days to follow. On a macro level, XRP is exhibiting some bullishness on the weekly chart as shall be elaborated.

To begin with, the XRP weekly chart is about to close off the week on a bullish Heikin Ashi Candle. The weekly trade volume also confirms the aforementioned increased buying of XRP. The weekly MACD is in the process of crossing in a bullish manner above the baseline. The weekly MFI and RSI are at 56 and 58 respectively. This means XRP is yet to be overbought on a macro level.

Therefore, XRP could be gearing up for a few bullish weeks that could very much point towards the scenario forecasted by Timothy Peterson of a bullish 2021 for the digital asset.

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