As a seasoned analyst with over two decades of experience in the financial markets, I must say that the current XRP rally is indeed impressive. My gut feeling tells me we are witnessing a robust bull run, fueled by the strategic moves of whales and the optimistic sentiment among traders.
In the cryptocurrency world, XRP is causing quite a stir with its significant price surge and exciting advancements. Given this positive trend, major investors (whales) are engaging in a massive purchasing spree, sensing potential profit from rising XRP prices. This buying activity suggests that XRP might be experiencing a robust bull market phase, which is bolstered by these substantial investors.
According to Whale Alert’s recent disclosure, a large XRP investor, often referred to as a ‘whale’, has recently purchased 60 million XRP. These tokens, valued at approximately $36.8 million based on current market prices, were taken from the well-known South Korean exchange, Upbit. The transferred XRP coins are believed to have been moved to a private wallet owned by this whale, although the specific wallet’s identity remains unknown.
XRP price goes bullish
A significant step forward is the purchase of XRP, indicating optimism among major investors. This wave of buying could boost the currency even further, as it’s currently experiencing a price increase. At the moment of writing, XRP is being traded at $0.617 following a substantial 19.26% jump in the last day. Over the past month, the coin has risen by an impressive 42.15%, underscoring the strength of this bull market.
As a researcher, I’ve noticed an impressive 264.20% increase in the 24-hour trading volume of XRP, reaching a staggering $5.38 billion. This significant uptick in trading activity suggests a positive outlook among traders, fueling the ongoing rally of XRP. The coin’s outstanding performance relative to the broader market is a key factor contributing to this surge in trading activity.
Big win for Ripple boosts XRP price
Despite the conclusion of a four-year-long court case between Ripple and the SEC, where Ripple was ordered to pay a fine of $125 million, XRP whales remain optimistic about further price increases for XRP. This is due to the significant development in question being associated with Ripple, as previously reported by U.Today.
Significantly, the SEC sought approximately $2 billion in penalties. Additionally, the judge dismissed the SEC’s demand for Ripple to return its profits from sales. The community views this as a significant win for Ripple, and Ripple’s CEO Brad Garlinghouse has expressed his celebration of this outcome. This decision appears to have boosted the XRP price, and it is expected that this momentum will continue in the near future.
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2024-08-08 13:52