Ripple's cryptocurrency XRP has been attracting the attention of both individual investors and institutional players lately. With a fully diluted valuation of $55.7 billion and a daily trading volume of $2.6 billion, XRP is positioned as a large-cap altcoin and is experiencing significant price movements. XRP, which rose by over 40% in the last two weeks to as high as 63 cents, fell more than 8% to $0.558 in the early European session on Friday.
One of the major developments in the XRP ecosystem has been the increase in whale transactions. According to on-chain data from Santiment, whales who own more than 100,000 XRP currently own approximately 52 billion XRP. In recent days, these whales have accumulated more than 130 million XRP from various crypto exchanges such as Binance, Bitso, Bitstamp and Upbit. This massive accumulation of whales has spurred increased activity on the XRP Ledger (XRPL) network. This demand from whales caused an increase in FOMO (Fear of Missing Out) among other investors in the XRPL network. Santiment's data analysis shows that there has been a significant increase in the number of new and total addresses interacting on the XRPL network, reaching the highest level since March. This increase in activity indicates increased interest and participation from both large and small investors in the XRP ecosystem.
The technical outlook for XRP looks promising. The price is forming a macro bullish pattern reminiscent of the pre-2017 parabolic breakout. Many in the XRP community are hoping for a positive outcome from the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. Additionally, some community members are advocating for Donald Trump's re-election as they believe it could benefit Ripple's standing in the United States.
Recommendations for Investors:
From a technical analysis perspective, consider that XRP may maintain support in the 54 to 58 cent range, with the price potentially rising to 87 cents in the medium term.
Follow whale trades and pay attention to major stock market moves.
Follow developments in the SEC case closely; A positive result could increase the price.
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