XRP displays a sharp price increase as interest from large investors and platforms rises, with the token reaching new highs on exchanges.
Whale Activity and Strong Trading Volume
XRP has climbed to the second spot on Coinbase by trading volume, reaching $413 million in 24 hours, just behind Bitcoin. The price of Ripple’s token traded at $2.96 at press time, marking a 6% daily increase and a 29% weekly gain. This increase is following heightened demand from large holders, indicating significant user interest.
Upbit Leads the Spot Market
Crypto analyst reported that from $2.60 to $3.00, XRP saw 45 million in net buy pressure on spot markets. South Korean exchange Upbit accounted for 70% of that volume, equating to 32 million coins. Coinbase came next with 11 million, followed by Kraken with 9 million and Bitstamp with 6 million. The negative net volume from Binance indicates localized trading.
Technical and On-Chain Metrics Signal Support
XRP's recent rally has not been purely speculative. Volume near the $2.84 breakout zone confirms large-buyer interest. Trading volume increased by 30% to $20.2 billion, with open interest rising by 7.79% to $8.06 billion, and options volume growing over 62%. This heightened derivatives activity indicates increased market involvement in this move.
Thus, XRP's rise can be attributed to the activity of significant players, trading volumes, and supporting technical metrics, creating favorable conditions for further growth.
