BCGAME - Free 5BTC Daily Bonus!- XRP whales increase purchases significantly.
- Ripple continues to sell large amounts of XRP.
- Supply and demand monitoring required for XRP future.
Friday, September 20, 2024, at the time of publishing, the price of XRP today is quoted at $0,5787 with a drop of 0% in the last 24 hours.
In recent days, a select group of large-scale investors, known as whales, have stepped up their purchases of XRP, the digital currency of the XRP Ledger. This action has contributed significantly to a rise in the value of the cryptocurrency, especially at a time when the global crypto market is showing signs of recovery. According to recent analysis, more than 380 million XRP have been purchased by these highly capitalized addresses over the past ten days.
Cryptocurrency analyst Ali Martinez noted in a post on X on September 19 that the price of XRP had reached $0,588. Drawing on data obtained from Santiment, Martinez noted that whale addresses holding more than 10 million tokens have added around $230 million worth of XRP to their portfolios since September 9.
As whales increase their holdings, the price of XRP has seen a corresponding rise, possibly driven by buying pressure in the market. This behavior is similar to what was seen in early August, after a significant drop in prices, when whales took advantage to accumulate more assets.
Grayscale XRP Surprises with Outstanding Performance in Busy Week for Crypto Market
The crypto space has been marked by a notable surprise over the past week, led by XRP, which led gains among major crypto assets, as revealed by Grayscale Investments in a recent tweet. The asset manager highlighted that XRP, the seventh-largest cryptocurrency by market cap, has achieved an impressive 9,6% increase in weekly returns, putting it ahead of heavyweights such as Avalanche, Bitcoin and Binance Coin.
“📸 Grayscale Crypto Snapshot – Assets Our weekly snapshot of the top 10 #crypto assets by 1-week returns. – $XRP $AVAX #bitcoin $BNB $TON $DOGE #ethereum $SOL $ADA $TRX — Grayscale (@Grayscale) September 19, 2024”
This remarkable performance comes on the heels of Grayscale’s announcement about the launch of the Grayscale XRP Trust the previous week, which appears to have been a significant catalyst for the rise in the price of XRP, which jumped by around 10% to near $0,599 on September 14. However, it has met resistance and hovered around that level.
