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The revival on the digital currency ecosystem has triggered a new wave of buy-ups by XRP whales on the market. At the moment, data from Whale Alert shows that at least 25,000,000 XRP left the top South Korean exchange Upbit to an anonymous wallet. This move signals that a whale buy-up is underway, a sign of broader market recovery.
XRP attractive right now
A lot has shifted in the crypto industry in the past 48 hours. From XRP flashing the oversold signal following its drop to a weekly low of $1.97, the current growth outlook makes the coin look more attractive to whales.
Gamza KhanzadaevPer data from CoinMarketCap, XRP was changing hands for $2.592, up by 14.61% in the past 24 hours. The coin’s metrics are bullish, with trading volume jumping by more than 528% to over $20 billion.
While many might argue that the Upbit whale might have bought the XRP at the top again, it is worth noting that these large buy-ups are often for the long term.
The digital currency got its latest boost as talks of a crypto strategic reserve in the United States featuring XRP emerged again over the weekend.
Despite the criticism from Peter Schiff, figures like Cardano Founder Charles Hoskinson have backed XRP as bonafide technology worth including in the reserve.
XRP ETF hype remains tailwind
Despite the growth of XRP and the potential rally ahead, many still consider that the latest trend is artificially inflated. Industry experts believe a correction is still ahead for Bitcoin and most altcoins.
Tomiwabold OlajideAmid these bearish projections, XRP remains in the spotlight with the potential approval of a spot exchange-traded fund backing the asset serving as a tailwind. Should the XRP ETF proposal from entities like WisdomTree and Bitwise be approved by the U.S. SEC, it sets the stage for institutional adoption of the coin.
This outlook can fuel a more bullish rally ahead for the coin, irrespective of the current long-term negative forecast.
Dan Burgin
Vladislav Sopov