New data shows that whales are seriously accumulating XRP. The digital asset, which has fallen out of retail investors’ favor, has been one of the slowest movers in 2020. This has been reflected in its market cap with XRP falling out of the third spot and into fourth. But is it properly priced?
There is a huge sense that XRP is hugely undervalued. There have been key developments over the last few months and most of them have gone over the head of investors. Notably, during this time, even its issuer, Ripple, which is notoriously flooding the market with the tokens leading to price stagnation has been conservative.
Market analyst Mark Philips has shared data that shows that whales are accumulating XRP. They are expecting that XRP will break out some time and will have a huge distance to make up. At current prices, the fourth largest coin is more than 90 below the all-time high.
A local top currently stands at $0.20. This resistance could confirm a rally to $0.30, with $0.35 the long term top.
Most investors were hoping to see the digital asset breakout of a two-year bear phase and rally as high as $1. However, this is yet to begin. Some analysts don’t even believe this will happen. Mike Novogratz earlier in the year predicted that XRP would “underperform immensely.” And so far his prediction has been right with Bitcoin and Ethereum leaving it in the wind.
Ripple’s Plan For XRP
Since Ripple began issuing XRP, the company has been working on adoption and bringing long term value. First, by ever-growing payment corridors. So far, this has seen the company partner with banks and established financial institutions such as MoneyGram.
With the same intensity, XRP will always have value. Whales already know this, and more importantly, they know that the token is undervalued even at its current ATH, by accumulating now, they can get to cash in on the way up.
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