- Ripple whales have purchased over 380 million XRP tokens, signaling growing interest despite ongoing SEC legal challenges.
- XRP’s price surged 8.40% over the past week, fueled by significant whale activity and large transfers to Bitso.
- XRP derivatives trading volume increased by 25.67%, with rising open interest and dominant long positions across major exchanges.
Ripple whales seem busy lately, buying up over 380 million XRP tokens valued at roughly $228 million, according to a post by Ali Charts.
This accumulation points to increased interest as Ripple’s legal fight with the SEC continues. Plus, recent moves from a wallet linked to Ripple show big transfers to Bitso, adding to speculation about the coin’s next steps.
Ripple Whales Drive Market Sentiment
Altcoin Buzz reports that over the past week, XRP’s price has climbed 8.40%, fueled by whale activity. One large Ripple-linked wallet sent 100 million XRP to Bitso, worth $57.92 million.
This transfer sparked talks about Ripple’s possible strategies, especially with the SEC appeal deadline approaching. These events have boosted confidence in XRP, with traders closely watching for new developments.
Read also: Ripple Case Exposes SEC Confusion as XRP Awaits Key Ruling
XRP is currently priced at $0.591704, with a 24-hour volume of $1.31 billion. XRP saw a low of $0.5762 earlier in the day before climbing to $0.593 later. Key support around $0.576 and resistance at $0.593 suggest bullish momentum. What’s more, the strong buyer interest has led to positive market trends, with the price reflecting market confidence in XRP’s potential for growth.
Derivatives Data Shows Bullish Sentiment
The XRP derivatives market is seeing notable activity, with trading volume up 25.67%, hitting $1.40 billion. Open interest also increased by 13.71%, further showing rising demand. Long positions are dominant across exchanges like Binance and OKX, signaling a bullish outlook.
In addition, there have been significant short liquidations over the last 12 and 24 hours, putting pressure on short sellers. However, long liquidations remain comparatively lower, suggesting continued confidence in XRP’s upward movement. Ripple’s recent whale activity and positive market trends hint at further growth, with investors eagerly awaiting Ripple’s next move.
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