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$XRP Price Watch: Will This 23 Million Token Purchase Rally?
The bitcoin market remains slow. XRP, Ripple's native cryptocurrency, has optimism after recent whale behavior. On Tuesday, a whale bought 23 million XRP, reviving interest in the debated coin.
Whale Alert, which follows huge bitcoin transactions, found the purchase. The receiver address is unknown for Binance exchange wallet tokens. However, the recipient's Binance usage signals ongoing trading.
XRP may shift with this whale movement, say experts. Whale purchases have typically preceded price increases. Some experts warn against overinterpretation. Whale activity is caused by several causes, and a single purchase doesn't ensure XRP's rise.
Recent XRP Open Interest fall complicates matters. Over the last 24 hours, Coinalyze reports XRP OI down 2.12%. Open Interest shows a cryptocurrency's entire futures contract value. A fall in leveraged holdings may imply short-term selling pressure.
Analysts note that perpetual contracts, which make up most of XRP OI, still weigh over $374 million. A fresh purchasing binge might reverse the Open Interest trend, raising the price.
XRP's future cannot be discussed without mentioning its SEC lawsuit. The lawsuit, which claims XRP is an unregistered securities, has surely hampered its functioning.
Recent “remedies phase” of case hints at settlement, but investors remain skeptical. The ultimate result and timetable remain unknown, leaving XRP's regulatory status unclear.
XRP Price Outlook: Bright Spot?
XRP is at about $0.50, down from its $3 peak. The market decline and legal struggle affect the pricing.
The whale buy and SEC lawsuit discussions give XRP bulls optimism. A prolonged price rise depends on various things. For XRP to recover, the case must be settled and the market must rebound.
