Is the XRP Bull Run Coming? 380 Million XRP Purchases Ignite the Market!
Economic changes in the US have stirred up the crypto market at a time when Ripple Labs-backed XRP is preparing to break through critical resistance levels. One of the largest-volume altcoins, XRP has recently been trying to strengthen against Bitcoin. XRPâs bullish potential is supported by the recent accumulation of $XRP by whales.
The XRP/BTC pair, which has been stuck in a downtrend in recent years, recently tested a significant support level and recovered from there. In terms of technical analysis, the XRP price is expected to bounce back to previous all-time highs against Bitcoin. This move could trigger a major XRP bull run against the US Dollar.
On-chain analysis has revealed that XRP whales have been accumulating more XRP at lower prices recently. Market analysis platform Santiment showed that whale investors have purchased more than 380 million XRP worth over $228 million in the last ten days. The demand for $XRP among institutional investors is expected to grow exponentially as Ripple further develops cross-border payments.
Following Rippleâs remarkable growth, Grayscale Investment recently announced that the Grayscale $XRP Trust is now open to eligible investors. Grayscale offers institutional investors the opportunity to purchase securities that track the Coindesk Ripple Price Index (XRX).
Over the past year, Ripple core developers have been working on developing the XRPL network to power scalable, secure, and cost-effective web3 protocols. The Ripple team aims to enable XRPL availability, especially by supporting EVM protocols in the near term. Currently, Ripple has launched an XRPL native DEX and AMM and will soon launch its fiat-backed stablecoin.
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