Economic changes in the United States have roiled the cryptocurrency market at a time when Ripple Labs-backed XRP is preparing to break through key resistance levels. As one of the altcoins with the highest trading volume, XRP has recently attempted to gain ground against Bitcoin. XRP’s upside 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 bounced from it. Technically, XRP price is expected to recover to its previous all-time high against Bitcoin. This move could trigger a major XRP rally against the US Dollar.
On-chain analysis has revealed that XRP whales have been accumulating more XRP at lower prices recently. Market analytics platform Santiment shows that whale investors have purchased more than 380 million XRP worth over $228 million in the past ten days. Demand for $XRP among institutional investors is expected to increase exponentially as Ripple continues to grow cross-border payments.
Following Ripple’s significant growth, Grayscale Investment recently announced that the Grayscale $XRP Trust is now open to qualified investors. Grayscale is offering 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 to develop the XRPL network to power scalable, secure, and cost-effective web3 protocols. The Ripple team aims to enable XRPL adoption, especially by supporting EVM protocols in the near future. Ripple has already launched its native XRPL DEX and AMM and will soon launch a fiat-backed stablecoin.
