Recent data indicates that despite the decline in XRP's price, whale activity in the market has significantly increased.
Whales Accumulate XRP
In the past week, XRP whales accumulated over 420 million tokens amounting to more than $915 million. This indicates strong confidence among investors in XRP. However, new wallet creations have dropped to a two-month low, suggesting retail investor caution.
Price and Volume Dynamics
Recently, XRP surged by 6% to reach $2.23 during trading sessions, with over 108 million tokens traded in just one hour. Despite currently trading at $2.18, a 3.6% increase in the last 24 hours, there is significant buying pressure.
XRP Prospects
Current metrics suggest XRP may continue upward movement. The number of wallets holding over 1 million XRP has reached a record of 2,850. For a sustained breakout and price increase, XRP must hold above the $2.20 level.
Thus, whale activity and the recent price increase confirm interest in XRP, despite some signs of retail investor caution. The prospects for XRP depend on future market movements and reactions to potential news regarding the resolution with the SEC.
