The XRP market shows caution as large investors adjust their positions. Analysts report on token distribution and significant news surrounding Ripple and Bank of America.
XRP Whale Activity
Analyst Maartunn shared data from CryptoQuant revealing that XRP whales have increased their selling activity. The data indicates significant token distribution, reflecting a shift from previous accumulation phases.
Technical Indicators of XRP
As of the report, XRP was trading at $2.95, posting a 2.14% gain. Technical indicators show resistance at the $3.00 mark. Traders are cautious that failing to hold above $2.90 could trigger fresh bearish pressure.
Garlinghouse's Statements on Bank of America
Ripple CEO Brad Garlinghouse made a statement about working on a 'big announcement' with Bank of America. This remark drew market attention as analysts suggest it could indicate deeper ties between Ripple and Bank of America.
The XRP market faces shifts in whale activity while Ripple pursues connections with Bank of America, potentially impacting the token's future value.
