Amid the recent altcoin market recovery driven by Bitcoin’s breakout above $32,000, XRP, backed by Ripple, has seen a notable price increase. Over the past two days, XRP gained more than 10%, closing November at 60 cents. While it has not reached its July peak following a summary judgment, a bullish outlook prevails when examining the weekly chart.
Additionally, XRP is trading above its 50 and 200-day Moving Averages (MA), accompanied by increased trading volume. In this article, we will delve into the recent developments and factors influencing XRP’s performance.
Recent data from the crypto market reveals that XRP’s price was retesting a crucial support/resistance level of around 58 cents. During this time, bulls were accumulating more buyers, indicating positive sentiment in the market.
XRP Whales Show Increased On-chain Activities:
Santiment, a market intelligence platform, has reported a notable spike in whale transactions exceeding $1 million, coinciding with XRP’s recent price surge. This surge in whale activity has propelled the number of XRPL accounts holding at least 10,000 XRP to over 277,600.
This uptick in whale activity may signal a potential increase in On-Demand Liquidity (ODL) transactions with various Ripple partners. It’s worth noting that Ripple has been actively expanding its global market presence following a significant legal victory in July.
As we enter November, Ripple has received 1 billion XRPs from its escrow account, valued at approximately $58 million. Based on recent Ripple activities, there is a likelihood that the blockchain payment company will continue to release more XRPs through cryptocurrency exchanges it has invested in or acquired.
XRP’s recent price surge, coupled with increased whale activity and positive market sentiment, paints a promising picture for the cryptocurrency. While challenges and uncertainties remain, the ongoing developments in the XRP ecosystem suggest that the digital asset could see further growth shortly. Investors and enthusiasts will closely monitor Ripple’s actions and market trends as November unfolds.