Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
While the clouds of uncertainty hover over the global cryptocurrency market, a silver lining has appeared for XRP. The XRP price has remained in a consolidation period for the last few weeks after it gained at the start of August. However, it looks like whales are returning to the market to give an extra push to the coin for breaking out of this phase.
The trading volume of XRP, according to Coinglass, has surged 82.22% in the last 24 hours. This rise has brought the total volume to a whopping $868.67 million. The rising trading activity shows that whales are returning, and they may be buying the dips as the XRP price continues to trade at lower levels.
Moreover, rising trading activity is detected across all of the top crypto exchanges. Binance, the leading trading platform in terms of volume, has attracted $309.11 million in trading volume for XRP. This is followed by Bybit at $168.98 million, Bitget at $139.10 million and OKX at $80.63 million, among others.
Potential XRP price rally
This is a crucial development for the Ripple-associated coin as there are hints of the resurgence of XRP whales. If history is any guide, whales' buying activity has mostly resulted in major price rallies in the following days or weeks. If XRP gets this support from the whales, there is a strong likelihood of a potential rebound in the following time period.
As of writing this article, the coin is trading at $0.5549 after a minor dip of 0.68% in the last 24 hours. Notably, the XRP price is down only 3.38% in the last 30 days. This is not a major decrease, as other coins like Bitcoin (BTC) have dipped around 8-10% during this time.
This is a major difference, and it shows that XRP has sustained the bearish pressure thanks to its brief rally last month. Now, the potential resurgence of whales is hinting toward another price rally in the near future, and if it happens, then XRP may enter an extended bullish phase.
Yuri Molchan
Denys Serhiichuk