• The recent rise in XRP price has caught the attention of the crypto community.

  • Whale accumulation and increased speculative activities appear to be the driving forces behind this price movement.

  • In particular, major players now control a large percentage of the total XRP supply and influence market conditions.

  • Whale Accumulation Driving XRP Price Increase

    XRP recently climbed to $0.60, experiencing a dramatic increase of 36.45%. This significant price increase can be attributed to the increasing accumulation of whales. According to Santiment data, addresses holding over 100,000 XRP have significantly increased their holdings. These large investors, known as whales, own 85% of the total XRP supply, and this rate is at an 11-month high.

  • Impact of Whale and Shark Accumulation

  • Whale and shark investors have a significant impact on the price dynamics of XRP. Often when these large holders accumulate assets, there is upward pressure on prices. Conversely, when they reduce their holdings, it can lead to a price decline. Increased accumulation by this group has certainly contributed to XRP's current price increase. With its holdings at an 11-month high, the token's value could reach or exceed $0.63 in the near future.

  • Speculative Activities Reflect Open Position Increase

  • In the crypto derivatives market, XRP's Open Interest (OI) recently skyrocketed to $233.85 million, reaching a three-month high. Open Interest represents the total value of open contracts in the market. The increase in OI indicates increased speculative activities and increased liquidity allocated to contracts. If this trend continues, it could further support XRP's price increase.

  • Average Dollar Age Deposited and Its Effects

    Another notable development is the increase in the 90-day Average Dollar Age Deposited (MDIA) metric. This indicator measures the average dollar amount invested in the market cap of a cryptocurrency. Historically, during bull markets, rising MDIA indicates whales are bringing previously dormant coins back into circulation. If this trend continues, it could support XRP's potential for further price gains.

    The Future of XRP in the Light of Positive Indicators

    Going forward, there are several factors that could push XRP's value even higher. Events such as the launch of cryptocurrency reference rates and real-time indices on July 29 are one of them. Although these indices are not traded futures products, they can positively influence market sentiment by providing transparent pricing data.

    Conclusion

    The recent increase in XRP price can be attributed to whale accumulation and increased speculative activities, marked by increased Open Interest. XRP's price may continue to rise as key metrics such as MDIA show increasing participation from major players. Investors should keep an eye on future developments, considering that developments such as the launch of reference rates may further impact the token's performance.

  • 📈📉 #xrp $XRP