$868 Million in XRP in 24 Hours, Are Whales Coming Back?

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As a seasoned crypto investor with battle-scarred fingers from the rollercoaster ride that is this market, I can’t help but feel a glimmer of optimism when it comes to XRP. The recent surge in trading volume and the return of whales have me looking at my portfolio with renewed interest.

Despite the lingering doubt clouding the international cryptocurrency sector, XRP has discovered a ray of hope. After a strong surge at the beginning of August, the price of XRP has been in a holding pattern for several weeks. However, it appears that large investors, or “whales,” are re-entering the market to provide an additional boost and help the coin break free from this stage.

In the past 24 hours, the trading activity of XRP, as reported by Coinglass, has skyrocketed by an impressive 82.22%. This surge has significantly boosted the total volume to a massive $868.67 million. The increased trading suggests that large investors, often known as whales, are re-entering the market. They might be taking advantage of the lower prices by purchasing during temporary dips, as XRP continues to trade at these levels.

Additionally, a surge in trading is evident on all major cryptocurrency exchanges. Notably, Binance, the exchange with the highest volume, recorded a trading volume of approximately $309.11 million for XRP. This is closely followed by Bybit with a volume of around $168.98 million, Bitget at about $139.10 million, and OKX with roughly $80.63 million, among other notable platforms.

Potential XRP price rally

This significant advancement pertains to the coin linked with Ripple, as there are indications of a revival among large XRP investors, often referred to as “whales.” Historically, when these whales engage in buying activity, it typically leads to significant price surges within the subsequent days or weeks. If XRP experiences this support from the whales, it’s quite probable that there could be a potential recovery in the near future.

Currently, the coin’s value stands at $0.5549 following a slight drop of 0.68% over the past day. It’s worth noting that in the last month, XRP‘s price has dropped by just 3.38%. Compared to other cryptocurrencies like Bitcoin (BTC), which have experienced a decrease of approximately 8-10%, this is relatively small.

The fact that XRP has withstood bearish trends due to its recent surge last month signifies a significant divergence. Current indications suggest the return of ‘whales,’ which could lead to another price spike soon, potentially propelling XRP into an extended period of bullish momentum.

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2024-09-02 18:15