As a seasoned researcher with over two decades of experience in the dynamic world of finance and cryptocurrencies, I find the recent surge in XRP accumulation by large holders, or “whales,” to be an intriguing development. The increase in XRP transactions from Upbit, the South Korean giant exchange, is particularly noteworthy given South Korean traders’ reputation for driving major token rallies.
In the past ten days, big investors, often referred to as ‘whales’, have amassed a significant amount of XRP, which currently ranks seventh among cryptocurrencies by market value. As per crypto analyst Ali Martinez’s analysis, these whales have acquired more than 470 million units of XRP in this timeframe.
Over the past two days, a significant amount of XRP has been transferred to unidentified wallets, with these large movements being monitored by blockchain data tracker Whale Alert. Notably, this transfer originated from Upbit, South Korea’s largest cryptocurrency exchange in terms of both trading volume and customer base.
As a crypto investor, I noticed that Whale Alert reported three substantial transactions involving XRP: two transfers amounting to 31 million XRP each, along with one transfer of 26 million XRP. These large amounts moved from Upbit to unidentified wallets.
As a crypto investor, I’ve noticed that XRP currently holds the top spot in trading volume on Upbit, a fact that underscores the interest among South Korean traders who are renowned for igniting significant token surges. This increased demand could potentially boost buying pressure and impact prices in the market.
The buildup of XRP holdings hasn’t gone unnoticed and is making a notable difference in the market. In recent days, we’ve witnessed a considerable surge in the value of XRP, with a 8% rise over the past week.
XRP outperforms major cryptocurrencies
Option: XRP is outshining the general crypto market, as it’s currently undergoing a period of profit-taking. In the past 24 hours, XRP has risen by 1.1% to reach $0.6307. Over this timeframe, the total value of all cryptocurrencies has dropped by 2.05%, now standing at approximately $2.25 trillion. Bitcoin, meanwhile, has dipped 3% within the last 24 hours and fallen below $64,000.
After two consecutive days of significant price hikes, XRP reached peaks of $0.665 on September 29. However, at this point, it met resistance due to previous increases in July resulting in profit-taking around that crucial level, establishing it as a barrier for the XRP price.
Should the price of XRP manage to exceed $0.66 significantly, it may head towards $0.74 and potentially reach $0.90. Conversely, if selling pressure builds up and XRP falls below $0.64, its next significant support might be found at $0.58.
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2024-09-30 14:19