• 28 May, 2024
News

Whale Activity Boosts XRP’s Positive Trend, Pushing Asset’s Price Upwards

In recent developments, Ripple’s cryptocurrency, XRP, is beginning to display encouraging signs of recovery. Today’s notable uptick of 4% in its price could largely be attributed to the significant holdings of some of the cryptocurrency’s most prominent investors, commonly referred to as whales. These substantial investors remain a testament to the coin’s potential, further instilling confidence in smaller traders.

Santiment, a renowned crypto analytics platform offering deep on-chain and social data insights, recently tweeted about the prevailing bullish sentiment surrounding XRP.

Diving deeper into the numbers, there are precisely 221 addresses that hold a staggering amount of XRP – anywhere between 10 million to 1 billion tokens. When combined, these addresses have an impressive 16.13 billion tokens. In terms of market value, this accumulation translates to a whopping $8.71 billion, emphasizing the strong trust of these whales in XRP’s potential trajectory.

LunarCrush, a renowned platform known for its in-depth on-chain data and analyses, recently put the spotlight on XRP for its combined social and market activity. 

XRP has also been making waves in the combined domain of social engagement and market activity. The coin’s ability to captivate audiences and traders alike is evident. This is evidenced by the fact that XRP seized the coveted top position on LunarCrush’s AltRankTM just one day ago. Speaking of its social prowess, XRP managed to chalk up a remarkable 140,152,191 social engagements, emphasizing its soaring popularity and the buzz it’s generating.

Ripple price analysis shows a strong recovery in the past 24 hours after bullish momentum drove the price of XRP back up above $0.50. The XRP/USD pair has been in a consolidation phase for most of the week, trading within a tight range. At the time of writing, XRP is at $0.523903,  up 4% on the day. The 24-hour trading volume has been robust, rising to $1.6 billion as of the time of writing, with a  surge of 47 percent. The market cap is $27.7 billion, ranking it the fifth-largest cryptocurrency by market capitalization.

In conclusion, the indicators are pointing in a favorable direction for XRP. With its price showing a promising rise and the unwavering support of its largest investors, coupled with positive media attention and chatter, XRP is undoubtedly an asset to watch closely in the coming weeks. Whether this is a short-term trend or the beginning of a substantial rebound remains to be seen, but for now, the Ripple community has plenty of reasons to be optimistic.

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