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XRP Spikes in Whales' Utility, Price Consolidates for Next Move

Thu, 03/24/2022 - 12:41
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Tomiwabold Olajide
XRP ranks among most used smart contracts
XRP Spikes in Whales' Utility, Price Consolidates for Next Move
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As per WhaleStats data, whales' utility of XRP has increased as XRP ranks among the most used smart contracts by the 1,000 biggest BSC whales over the last 24 hours. Simply defined, a whale is someone who owns a chunk of cryptocurrencies or is otherwise a large holder.

XRP is presently trading at $0.834, up 1.60% in the last 24 hours and 6.02% in the past week. The recent spike in XRP utility among whales follows after Multichain announced XRPL integration.

Multichain announced it is supporting XRP Ledger (XRPL) for cross-chain connection with EVM and non-EVM compliant blockchains. Hundreds of thousands of DeFi users will be able to seamlessly move assets between XRP Ledger and other blockchains thanks to integration with XRP Ledger.

With Ripple's technical assistance, Multichain will facilitate the cross-chain transfer of XRP, the native digital asset of XRP Ledger. Furthermore, ETH, MATIC, AVAX, FTM, USDT, USDC, FRAX and other assets will be directly transferred to XRP Ledger.

In the past year, Ripple made strides in the availability of its ODL service. Within the stated time, the company launched its first-in-market ODL corridor in Japan, in partnership with SBI Remit, and acquired a 40% stake in Tranglo in Malaysia to expand the availability of its ODL service.

After a successful launch, Tranglo is now expanding its ODL reach across 25 corridors so that providers can process cross-border payments in real-time—without having to pre-fund.

XRP price action

The XRP price looks ready for the next move as it consolidates around the $0.83 level. The appearance of a double doji on its daily chart might suggest a major price reversal. The doji is a transitional candlestick formation, signifying equality or indecision between bulls and bears.

XRP/USD Daily Chart, Source: TradingView

A decisive move above $0.91 will confirm a resurgence of buyers and propel XRP to $1. On the contrary, significant support lies near $0.77 if the bulls rescind.

In recent updates to the Ripple case, the U.S. Securities and Exchange Commission has filed a new motion, asking the court's permission to redact some of the notes from its meetings with third parties. The plaintiff argues that the notes are protected by deliberative process privilege (DPP), a common-law principle that shields internal agency information.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.