The recent rise of XRP's price to $2.39 and whale activity in the market have caught the attention of analysts. This comes amid increasing institutional partnerships for Ripple, promising further development.
XRP Whale Accumulation Report
Whale statistics for XRP indicate that most large holders are continuing to buy more tokens. Currently, there are 2,742 wallets holding over 1 million tokens, a single wallet less than the Tuesday record of 2,743. The large holders collectively hold 47.32 billion XRP, reflecting consistent faith in Ripple's future.
XRP Price Technical Analysis
Analyst Gordon has identified a wedge breakout pattern concerning XRP's recent price movements. This pattern often suggests an impending price increase following periods of consolidation. XRP has climbed above $2.39 for the first time since May 23, indicating accelerating momentum after a week of sideways trending prices.
Ripple's Institutional Partnerships and Legal Clarity
Ripple has appointed Bank of New York Mellon as the major custodian for stablecoin reserves, signaling progress in institutional adoption. Moreover, Ripple's recent announcement to voluntarily dismiss its appeal in the ongoing SEC lawsuit removes years of legal uncertainty affecting XRP's price performance.
With XRP's recent price increase, whale activity, and improving legal situation, Ripple is positioned favorably for future growth. These combined factors support a positive trend for XRP within the cryptocurrency market.
