Large-scale investors have increased their holdings in XRP, the cryptocurrency developed by Ripple Labs, despite a decrease in ledger activity this year, according to data analytics firm Santiment. As of Tuesday, these investors' holdings have grown from $7.16 billion to $7.89 billion, now accounting for 26.7% of XRP's total supply.
The cryptocurrency has experienced a turbulent week of trading. It opened at $0.508 and reached a peak of $0.5409, but it subsequently made lower highs throughout the week until it fell below its opening price to currently trade at $0.4985. This marks a 3.13% decrease in the last 24 hours, despite a significant surge in trading volume by over 120%.
Following an initial uptrend from March to September 2023, bearish sentiment pulled the prices down, causing XRP to meet resistance at $0.64. Analysts suggest that it might find support at $0.365, an echo of its November 2022 behavior when it rebounded off of the $0.41 and $0.365 levels before rising to $0.769.
This increase in holdings by large-scale investors comes amidst a general downturn in XRP's ledger activity for the year. Despite this, the increased investment suggests that these investors see potential value in the cryptocurrency's future performance or are seeking to diversify their portfolios with digital assets.
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